New data from the National Association of Realtors shows homes for sale sold faster in April than they did in March. In fact, the typical property sold in just 22 days. That's down from 29 days the month before, but up from 17 days last year at the same time. Overall, 73 percent of homes sold during the month were on the market less than 30 days.
The quickening pace of home sales is a sign that home buyers remain active, despite low inventory and mortgage rate volatility. Still, despite buyer demand, total sales fell in April, dropping 3.4 percent from the month before.
Lawrence Yun, NAR's chief economist, says the market is up-and-down right now. “Home sales are bouncing back and forth but remain above recent cyclical lows,” Yun said. “The combination of job gains, limited inventory, and fluctuating mortgage rates over the last several months have created an environment of push-pull housing demand.”