Housing Recovery in Full Swing

The housing recovery looks like it’s finally in full stride, the final piece that should fuel the overall recovery of the economy. Sales of existing homes rose by 0.6 percent in April to an annual rate of nearly 5 million. That’s the highest that figure has been since November of 2009.

Prices are rising too, with April marking the fifth straight month in which property values didn’t just increase – it was the fifth straight month in which they increased by more than 10 percent. Median home prices were up 11 percent in April compared with the year earlier.

Home builders are growing more confident as well. A recent survey from the National Association of Home Builders shows expectations for future sales rose to 53 in May. That’s the most optimistic that group has been since February 2007, well before the recession began.