Sales of existing homes hits 3 1/2 year high

The National Association of Realtors announced on 5/22 that sales of preexisting homes in April
 hit an annual rate of 4.97 million homes, up from 4.94 million in March. Home sales have risen +9.7% in the past 12 months. The median price has jumped to $192,800, up 11% in the past year.
Buyer traffic is up +31% over the past year. Currently there is less than 5.2 months inventory on hand which is below the average of 6 months. In some areas, the supply of "move in condition homes" is less than 3, months and is pushing prices up even faster in those areas. All in all, the housing segment seems to be back doing what it has historically done...lead the country out of recessions.