Existing Home Sales Up In May

Existing Home Sales Up In May

Existing home sales improved last month and remain solidly above a year ago, according to the NRA  (National Association of Realtors). Total existing home sales, which are completed sales rose to a seasonly adjusted annual rate of 5.18 million in May. That number was 4.97 million in April, and is 12.9 percent higher than the 4.59 million unit paced experienced May 2012. 

May existing home sales numbers are at the highest level since November 2009, when buyers were eager to rake advantage of the tax stimulus. The NRA noted that the median price of existing homes continued to rise by double digit rates, year over year

NAR Chief Economist Lawrence Yun says that, "While the demand is high, the number of homes available for purchase is unlikely to rise anytime soon. The housing numbers are overwhelmingly positive. However, the number of available homes is unlikely to grow, despite a nice gain in May, unless new home construction ramps up quickly by an additional 50 percent. The home price growth is too fast, and only additional supply from new home building can moderate future price growth".




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Phone: 252-207-4898
Dated: June 24th 2013
Views: 5,251
About Mike: Mike is the Broker-in-Charge of Waterfront Properties OBX and has been successfully involved in real...

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