Home sales, inventory both tick up in April

The pace of existing-home sales picked up in April, and while the number of homes on the market grew even faster, an “acute shortage of inventory” in some markets is driving up prices and creating multiple-bid situations.

First-time buyers accounted for 35 percent of April sales, 29 percent of April sales were all cash.  Investors purchased one out of five homes in April.

English: Sales Prices of new homes sold in the...
English: Sales Prices of new homes sold in the US. Data from www.census.gov/const/usregsoldbyprice_cust.xls Excel sheet (Photo credit: Wikipedia)
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