US home sales growth driven mostly by Midwest

Midwestern homebuyers helped spark a national increase in real estate sales during April, a sign that demand for housing remains steady rising prices and tight inventories. The National Association of Realtors says sales of existing homes rose to 1.7 per cent last month to a seasonally adjusted annual rate of 5.45 million. Sales jumped 12.1 per cent in the mid west, the most affordable place for housing purchases increased slightly in the Northeast but fell in South and West. A shortage of sales listings are pushing up home values, creating affordability pressures for some potential buyers. The number of listings has fallen 3.6 per cent over the past 12 months. The median home sales price was 232,500 dollars in April, a 6.3 per cent increase from a year ago.