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The says existing home sales rose 2.9 percent from Marchh to an annual paceof 4.68 million The biggest jump in sales last month was the marke for condos and coops, up 6.4 percent from March. "Mos t of the sales are taking plac in lower price ranges and activity is beginninfg to pick up in themidprice ranges, but high-ens home sales remain said NAR chief economist Lawrence Yun. "The needs to help restore liquidity for the jumbo mortgage market by buyingv these loans under theTALF program." The number of firsrt time buyers declined to 40 percent in April, a sign that NAR says indicates more repeat buyers are getting back into the market.
And the numbere of people actively looking for a home to buy is up 14 percen from ayear ago. Foreclosurew sales get some of the credit for the increased inexisting sales. But so do othe factors working in favor of thehousing market. Mortgage rates remain historically low, with the averagd rate on a 30year fixed-rate mortgage below 5 percent for 10 straigh t weeks, according to (NYSE: FRE). The NAR also believes the $8,00o first-time homebuyer tax credit will lift sales this Even so, there are a lot of homees for sale out there. NAR figures show the numbet of existing home currently on the markeyt nationwiderose 8.8 percent in April to 3.97 That represents a 10.2 month supply, NAR says.
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