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West outperforms national home sales
Tom Ross
05-28-2009
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The National Association of Realtors is reporting that existing home sales grew 2.9 percent nationally in  April when compared to March. But the national statistics obscure the fact that the West is outperforming other regions of the country.
In the West, sales of existing homes were up 3.5 percent. The discrepancy is more noteworthy when year over year statistics ¬– comparing April 2009 to April 2008 – are analyzed.
April over April, the West was up 19.4 percent and was the only region reflecting a positive trend. The Northeast was down 10.5 percent, Midwest down 9.9 percent and south down 8.9 percent, leaving the national trend down 3.5 percent.
A recent NAR survey of its Realtors suggests the number of first-time buyers declined to 40 percent of the total in April. The results were taken as a sign that more repeat buyers are entering the market during the traditional spring home-buying season.
NAR chief economist Lawrence Yun said it is important that distressed properties be quickly cleared from the market.
The Associated Press reported Thursday that a record 12 percent of homeowners with a mortgage are behind on their payments or in foreclosure.
The AP also reported that nationally sales of newly built homes were flat in April, but 7 percent above the historic lows of January. There were 297,000 new homes for sale at the end of April, down 4 percent from 310,000 in March.
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