PLANO, Texas-Existing home sales rose 6.7% in April, the fourth increase in the past five months and the largest monthly increase in more than seven years, according to Brian Turner, director of advisory services at Southwest Corporate FCU. The April increase comes on the heels of a 3.2% gain in March.
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"Over the past few quarters, the home affordability index has improved measurably as the market, overridden with foreclosure-driven declines in values, has come within reach of many first-time buyers and others seeking incentive-laden trades," Turner said, adding, "It is too early to sense this is an overall turn in the mortgage cycle."
