Delaware Existing home sales jumped in April 2010

Homes Sales jumped in April 2010 more than expected lead by the Tax Credit that expired on April 20, 2010.  The National Association of Realtors reported that the sales of previously owned homes rose 7.6 percent to adjusted annual rate of 5.77 million. The expected amount was 5.63 million units. The increased demand caused the average home price to rise to $173,100, which is up 4 percent from a year ago. The northeast experienced a 21% increase.  Here is the article with more details http://www.cnbc.com/id/37314201

Along with the record number of sales came some disappointing news, the inventory of houses for sale actually increased. This is bad news because you would expect the supply to go down as demand picked up.  NAR president explained it as puzzling but thinks it is mostly pent up supply, which are sellers who were waiting for improvement in home prices we just saw and from banks that have been holding foreclosures that they just put on the market.

The question is going to be what is in store for housing to come with the tax credit expiring. Here is a good article that explains what is in store for the short term for the housing market http://www.cnbc.com/id/37239418.

Right now Delaware mortgage rates are at historic lows so now is the time to buy a house in Delaware or to refinance your existing mortgage.

For a free mortgage consultation appointment, call me at 302-703-0727 or you can Apply Online Now.

John R. Thomas – NMLS 38783

Certified Mortgage Planner – Primary Residential Mortgage, Inc.

302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

248 E Chestnut Hill Rd, Newark, DE 19713