Sell now or hold out for a higher price?

In some markets, economic conditions hint at housing recovery

Recent news suggests that the housing market might be moving in the right direction. According to the National Association of Realtors (NAR), existing-home sales rose 3.4 percent in April compared to March and were 10 percent higher than a year ago. The inventory of homes for sale increased 9.5 percent at the end of April to a 6.6-month supply, up from a 6.2-month supply in March. A year ago, there was a 9.1-month supply of inventory solidly in a buyer's market range. Nationally, homes listed for sale in April were 20.6 percent below a year ago, approaching a balanced market that gives neither buyer nor seller a decided advantage. NAR reported that the national median home price jumped 10.1 percent in April from a year ago, following a 3.1 annual improvement in March. This is the first time we've had back-to-back median home price increases since June and July of 2010. Median home sale and price improvements were seen across all regions. Lawrence Yun, NAR's chief economist, ...