Existing-Home Sales on the Rise – NMP Skip to main content

Existing-Home Sales on the Rise

Phil Hall
Jun 21, 2017
Baltimore Row Houses Pic

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.”
 
Published
Jun 21, 2017
Lenders Complain FGMC Is 'Radio Silent' On Loans

Company said it would stop purchasing new loans in the wake of its mass layoff last week; seeking court-approved financing.

Industry News
Jun 30, 2022
AnnieMac Home Mortgage Acquires OVM Financial

Wants to expand its outreach into the Mid-Atlantic region.

Industry News
Jun 30, 2022
Ready Life Launches Black-Owned Fintech To Help Underserved Borrowers

Ready Life, led by two Black entrepreneurs, is taking aim at the racial wealth gap by starting a mortgage fintech.

Industry News
Jun 30, 2022
FGMC Files For Chapter 11 Bankruptcy Protection

FGMC notified laid-off 471 employees late Tuesday night that it would pay severance.

Industry News
Jun 30, 2022
FGMC Paying Severance To Ex-Employees

Late-night email tells laid-off workers they'll receive one week of pay for each year of service.

Industry News
Jun 29, 2022
Texas, N.Y. Law Firms File Class-Action Suit vs. FGMC Over Layoffs

Both firms represent a former employee suing over lack of 60-day notice before mass layoff on June 24.

Industry News
Jun 29, 2022