A glimpse of hope has finally surfaced after months of primarily negative data; in April, the U.S. Commerce Department data recorded a 7.3 percent rise in sales of new single family homes, according to Agent Genius.
The National Association of Home Builders (NAHB) commented on the news, with Chairman Bob Nielsen, telling Agent Genius, “The fact that new-home sales have now risen for two consecutive months is certainly welcome news following an all-time low sales number in February.”
In Illinois, home sales have risen for three consecutive months, and median prices also were up in April.
However, the national inventory did drop to a record low of 2.8 percent, hurting sales, permits and inventory values.
This trend may be attributed to buyers’ reluctance to purchase in a market with a plethora of foreclosed properties, or their inability to obtain a loan as the real estate community aims to recover from the recession.