Existing-Home Sales on the Rise

Jun 21, 2017

Total existing-home sales were up by 1.1 percent to a seasonally adjusted annual rate of 5.62 million in May from a downwardly revised 5.56 million in April, according to new data from the National Association of Realtors (NAR). May’s sales were 2.7 percent higher on a year-over-year measurement and were the third highest over the past year.

The median existing-home price for all housing types in May was $252,800, up 5.8 percent from the $238,900 mark in May 2016. Last month’s level also surpassed the June 2016 peak of $247,600 to become the highest median sales price recorded by NAR.

The total housing inventory ended May at 2.1 percent to 1.96 million existing homes available for sale, which is 8.4 percent lower than a year ago (2.14 million); inventory has been falling on a year-over-year measurement for the last 24 consecutive months. Unsold inventory is at a 4.2-month supply at the current sales pace, down from 4.7 months a year ago.

“Home prices keep chugging along at a pace that is not sustainable in the long run,” said NAR Chief Economist Lawrence Yun. “Current demand levels indicate sales should be stronger, but it’s clear some would-be buyers are having to delay or postpone their home search because low supply is leading to worsening affordability conditions.”

About the author

Phil Hall

Link copied

Published

Jun 21, 2017

People On The Move

Ginnie Mae President Alanna McCargo Announces Resignation

McCargo was first woman and first woman of color at the helm of Ginnie Mae.

The U.S. Department of Housing and Urban Development (HUD) today announced that Alanna McCargo, president of the Government National Mortgage Association (Ginnie Mae), will resign, effective May 3, 2024. McCargo has served in the Biden-Harris Administration since January ...

People On The Move

Christensen, Andrus Added At CE Class Leader

Maximum Acceleration hires mortgage exec. as education director, adds banking manager

Brandon Christensen, a longtime mortgage broker and trainer, has been named Director of Education and National Instructor for Maximum Acceleration LLC, a leading NMLS-approved course provider for mortgage pre-license and continuing education. "Having Brandon join our amaz...