Home Resales

Americans purchased more previously owned homes in April, as compared to March. This is a encouraging indication that the weak housing sector is gradually strengthening.

The National Association of Realtors (NAR) said today that property sales increased 3.4 percent in April to a seasonally revised yearly rate of 4.62 million units.

Home sales have bounced back after slipping in March and are close to the pace from January and February. The combined sales of January and February collectively created the best winter for sales in five years. Nevertheless, home sales are well below the nearly six million per year that economic experts associate with a healthy housing market.

A gentle winter prompted some people to buy homes earlier this year. That drove up sales in January and February. Consequently, this same consumer activity made the March results sluggish.

First-time buyers, an integral segment that is important to a housing recovery, rose in April. This accounted for virtually 35 percent of sales. In comparison, first-time housebuyers comprised 32 percent of March home sales.

Residences at risk of foreclosure accounted for 28 percent of sales.

The average sales price in April rose to $177,400, an increase of 10.1 percent from 2011.

Sales rose in all regions, most noteworthy, a 3.5 percent increase in the South. Tampa homes for sale saw a similar increase.

Modest increases in property sales are the most recent sign that the market may be beginning to turn around almost five years following the housing bubble burst.

The sales momentum in January was the strongest since May 2010 - when a popular first time home buyer tax credit ended. Builders are more confident and are starting to construct more houses. Mortgage interest rates have never been more affordable. Some financial experts say the job market is improving, which has put more people in a economic position to afford a home.

Still, numerous would-be buyers are having trouble getting qualified for home loans or can't afford the bigger down payments being required by financial institutions.

Some prospective property buyers are delaying because they fear that property prices may continue to keep going down.

Several economic experts are convinced that this year may be the year that Tampa real estate ultimately makes a constructive contribution to overall financial growth. This has not taken place since 2005, shortly before the failure of the housing market.