US Existing Home Sales Increase in May

US Existing Home Sales Increase in May

All major regions saw an increase last month except for the Midwest.

The National Association of Realtors says sales of existing homes edged up 1.1 percent last month to a seasonally adjusted annual rate of 5.62 million units.

"Those able to close on a home last month are probably feeling both happy and relieved", Yun said.

At $252,800, median home prices hit a new peak and were up by 5.8% year-on-year.

The increase reported by the National Association of Realtors was 1.1% above April 2017 and 2.7% higher than May 2017, the third highest annual pace of the past year.

USA home resales unexpectedly rose in May to the third highest monthly level in a decade and a chronic inventory shortage pushed the median home price to an all-time high.


With growing but still tight inventories putting upward pressure on median prices, sellers are "in complete control and buyers (are) forced to contend with cutthroat competition and intense pressure to make a deal", said Svenja Gudell, chief economist at the real estate firm Zillow. Volume (the sum of all sales), median price, and days on the market all indicated an outperformance of last year's market. Short sales were on the market for 94 days, foreclosures sold in 48 days and non-distressed homes sold in 27 days. "The rising trend in mortgage applications in recent months points clearly to new cycle highs for home sales over the summer". Low mortgage rates will give additional support in June, with the volume of mortgage applications on an upswing in the month.

"Of the barriers analyzed in the white paper, single-family housing shortages will be the biggest challenge for prospective first-time buyers this year", said President William E. Brown, a RealtorĀ® from Alamo, California. This includes single-family homes, townhomes, condominiums and co-op sales.

Lower supply amid sturdy demand nudged prices higher again. "This mismatch is having an impact on the sales among affordable homes". Median price was $170,875 vs. $165,000 a year earlier. The statewide median price for condo-townhouse properties in May was $178,000, up 8.1 percent over the year-ago figure.

Existing-home sales in the Northeast rose 6.8 percent to 780,000, with a median price of $281,300.

And in the West sales increased by 3.4% and are now 3.4% above a year ago. The average number of days on the market in May was 52, quickening 16.1 percent from May 2016 (62 days).

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