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Median Sales Prices Increase 3.2% in April: RE/MAX

The median sales price for homes sold in April went up 3.2 percent higher than the month before, ticking up to $161,000, according to ""RE/MAX"":http://www.remax.com/.

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The real estate company released a national housing report that tracked a 5.9 percent increase in median sales prices year-over-year.

April also marked the third straight month that home prices went up year-over-year after close to two years of declines.

Of 53 metro areas surveyed by RE/MAX, 43 reported higher sales prices last month than the year before, an increase from 36 metro areas in March.

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Prices went up by 25.4 percent in Detroit and Phoenix, 24 percent in Miami, 15 percent in Denver, and by a few percentage points less in Omaha and Tampa.

Home purchases budged only slightly. Closed transactions moved by only 0.1 percent month-over-month in April, although the same numbers signal a 4.1 percent boost year-over-year, marking the tenth straight month of increases.

Thirty-nine out of 53 metro areas saw increases year-over-year in closed transactions, a shift up from 33 metro areas in March. Milwaukee posted 38.4 percent in gains; Albuquerque, 30.2 percent; Nashville, 26.2 percent; Providence, 21.7 percent; Des Moines, 21.4 percent; and Chicago, 19.8 percent.

A home went for sale in April only after 96 days, five less than in March. Average inventory stayed the same at 5.3 but fell year-over-year from 7.1 in April last year.

""It's encouraging to see several improving economic and housing indicators, which are pointing to a continuing real estate recovery,"" ""Margaret Kelly"":http://www.remax.com/national-corp/biographies/margaret_kelly.aspx, CEO of RE/MAX, said in a statement. ""While home prices are still low and interest rates remain at historically low levels, it's likely that many more potential homebuyers will leave the sidelines and jump into this market.""

About Author: Ryan Schuette

Ryan Schuette is a journalist, cartoonist, and social entrepreneur with several years of experience in real-estate news, international reporting, and business management. He currently lives in the Washington, D.C., area, where he freelances for DS News and MReport.
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