There is growing evidence that home sales, an important indicator of consumer confidence, continue to accelerate though not at an equal pace in all areas of the country. As positive as signs are, home sales still have a way to go to reach what economists say is a consistently healthy level. The National Association of Realtors said that the April increase in home sales translates into a seasonally adjusted rate of 4.62 million dollars in sales. That’s a hefty number that we have not seen in several years.
Almost without exception, improvement has come through incremental month-to-month gains. The growth is occurring not only in sales of previously occupied homes, which constitute about 80 percent of the market, but in other categories as well. Additional homes are coming to market as owners see a growing opportunity to sell their homes and as builders become more confident that there is a demand for their product. Indeed, builder optimism is now at its highest level in five years.
In summary,....the total number of homes sold and the number of would-be buyers continuing to enter the market continues to rise. Both are signs that recovery in the all-important housing market remains on track. Thank you for allowing me to keep you up-to-date. I look forward to meeting you and I will be happy to answer any questions you might have.