House Sales Have “Sprung” this Spring

Spring has shown a pickup in the pace of home sales that has not been seen in years. According to the National Association of Realtors (NAR), March and April showed an almost 10% increase in sales from last year during the same months and May is on its way to continuing the trend.

The trend over the past 10 years has shown an increase in the sale of distressed properties. These distressed properties included foreclosures and boise-meridian-bankowned properties sold as short sales. These represented almost 40 percent of the sales last year in April.  However, this year, distressed property sales only represent approximately 28 percent of the home sales indicating that the market is resuming a more desirable representation of properties that are selling.

The median sale price of an existing home also increased slightly this Spring with a 3 percent increase in March and over 10 percent increase in April.  This two-month increase has not been seen in almost 3 years and the continued increase has experts predicting a continued growth in sales and a more balanced sales market.

First-time homebuyers made up over 30 percent of April’s sales and so far, May is showing the same trend. This is a good sign that the market is getting back to a more steady market. .  Expecting a stable 6-month supply of homes on the market, the housing sales market appears to be on a path that has buyers and sellers alike happier than they have been in over the last 5 years.