Single-family home sales rose 4 percent in April, while condominium and townhome sales rose 3 percent, according to the association.
Despite the month-over-month increase, sales during the first four months of the year are still lagging 7 percent behind the same period last year.
“Low inventory continues to create a competitive situation for buyers,” association President Steve Fraioli said. “But higher mortgage interest rates are the reality and the trend, so serious buyers will need to be ready with an offer when the opportunity presents itself.”
The median price of single-family homes edged up 1 percent from March to April, now standing at $640,000. That’s up more than 8 percent from April 2017, according to the association.
Condo and townhome median prices rose by 4 percent over the same span, and have reached a record high of $425,000, which is 10 percent higher than a year ago.
–City News Service