According to the National Association of Realtors, April existing-home sales were up 7.6 percent when compared to figures seen in March. The third month of the year saw home sales at an annual rate of 5.36 million, while April saw them increase to 5.77 million.
"The upswing in April existing-home sales was expected because of the tax credit inducement, and no doubt there will be some temporary fallback in the months immediately after it expires, but other factors also are supporting the market," said Lawrence Yun, chief economist for the NAR.
The NAR noted that April saw home inventory increased 11.5 percent to 4.04 million homes, a supply that represents 8.4 months. However, Yun said that areas in the country have experienced increases in prices.
As home prices stabilize, those using construction equipment may see an increase in interest in their efforts. A recent report from the National Association of Home Builders showed that confidence among builders saw a recent improvement.
