Thursday, June 20, 2013

Existing Home Sales Jumped 4.2% in May

According to the National Association of Realtors, existing home sales improved 4.2% in May, rising to an annual pace of 5.18 million units. May’s pace was the fastest since fall of 2009 and 12.9% above year ago levels.

All regions reported higher existing-home sales, with the largest gains in the Midwest.

Housing inventory at the end of May rose 3.3% to 2.22 million existing homes available for sale, which represents a 5.1-month supply at the current sales pace, down from a 5.2 months in April. Housing inventory is 10.1% below a year ago, when there was a 6.5-month supply.

The national median existing-home price was $208,000 in May, up 15.4% from a year ago. This represents the 6th straight month of double digit increases.

Read the NAR release.

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