Existing Home Sales Rise More than Forecast, Prices Hit New High

May US Existing Home Sales Rose 1.1%, Prices Hit Fresh Record High

Existing-home sales rebound in May despite record-low supply

Only two more sales were closed in May as compared to a year ago, representing a 0.2 percent increase, according to figures from the Greater Northwest Indiana Association of Realtors Multiple Listing Service.

Home sales perked up again in Southwest Florida last month, as more owners have made a decision to put their properties on the market.

The median existing-home price for all types of houses (single-family, condo, co-op and townhome), at the same time, was $252,800-a 5.8 percent increase from one year prior.

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Activity in single family and condo/co-op segments improved, with sales growing 1 percent to 4.98 million in the former and 1.6 percent to 640 thousand in the latter. Unsold inventory is at a 4.2-month supply at the current sales pace, down from 4.7 months a year ago.

NAR chief economist Lawrence Yun said the unexpected increase in sales in May came as more buyers overcame the increasingly challenging market conditions prevalent in many areas. Homes are staying on the market for a median of just 27 days, the briefest period since the Realtors began tracking the measure in 2011.

In Lake County, year-over-year sales were up 1.3 percent to 622. The median is the midpoint; half the homes sold for more, half for less. The average commitment rate for all of 2016 was 3.65 percent. "This mismatch is having an impact on the sales among affordable homes".

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Of the 69 percent of realtors who said they completed a CRE transaction previous year, 20 percent reported closing a deal for an worldwide client. This was better than forecast (economists thought the rate would decline), but up only 1.1% from the April rate, which was revised slightly lower. On average, foreclosures and short sales sold for discounts of 20% and 16%, respectively. In California, the statewide median sales price for single-family existing homes in April was $536,750; in MA, it was $362,500; in Maryland, it was $285,023; and in NY, it was $235,000. The median price in the Northeast was $281,300, which is 4.7 percent above May 2016. The median price in the Midwest reached $203,900, up 7.3% from a year ago.

The median price of a re-sale condo rose 3.1 percent to $255,700 in Sarasota and 11.7 percent to $186,250 in Manatee. "Tightening supplies have caused steady price growth in the existing-home market; sales are up 2.7 percent since May 2016". The median price in the West was $368,800, up 6.9 percent from May 2016.

Mortgage rates rose after last year's presidential election but edged down in recent months.

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