Sell now or hold out for a higher price?

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

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, ...