Monday, June 23, 2014

Existing Home Sales Rose in May

Existing homes sales rose by 4.9% in May to an annual pace of 4.89 million units, according to the National Association of Realtors. The rise in existing home sales is the largest monthly gain since August 2011. May’s report included a slight revision of April’s headline number to an annualized pace of 4.66 million units. Sales in May are 5.0% below year ago levels.

All four regions saw gains in May. The Midwest and South grew the most, increasing 8.7% and 5.7% respectively.

The market supply declined slightly in May to 5.6 months, from 5.7 months in April, the largest supply in a year and a half.

The median house price increased to $213,400, a 5.1% increase over year ago prices. The rise in the median home price along with a slowly improving market supply points to a housing market that will continue to improve over the summer.

Read the NAR release.

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