US Existing Home Sales Unexpectedly Rise in May

US Existing Home Sales Unexpectedly Rise in May

USA home sales bounced back in May even as home prices reached a new high on tight inventories.

"It's no exaggeration to say that current buying conditions in many markets are awful, with sellers in complete control and buyers forced to contend with cutthroat competition and intense pressure to make a deal", Gudell said.

'The job market in most of the country is healthy and the recent downward trend in mortgage rates continues to keep buyer interest at a robust level. Sales of single-family homes statewide totaled 27,850 last month, up 7.6 percent compared to May 2016.

Consequently, unadjusted median sale prices have hit a new high, at $252,800, beating the previous record of $247,000 that was set in June of 2016. May marked the 63rd straight month of yearly price gains. Sales listings have plummeted 8.4 percent over the past 12 months to 1.96 million.

'Home prices keep chugging along at a pace that is not sustainable in the long run.

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The median property remained on the market just 27 days in May, the shortest time since the Realtors group began tracking the metric six years ago. There was a 4.2-month supply of homes on the market at the end of the month, based on the current sales pace. Some 55% of homes sold in May were on the market for less than a month. The average commitment rate for all of 2016 was 3.65 percent.

"The bottom line is that there are fewer homes on the market, and they are selling faster", says Joseph Kirchner, senior economist at realtor.com®. Realtors completed a median of one buyer-side global deal and two seller-side worldwide transactions, with a median buyer-side sales price of $1 million, and a median seller-side price of $550,000. "This mismatch is having an impact on the sales among affordable homes". 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. The median price in the Northeast was $281,300, which is 4.7 percent above May 2016.

In the Midwest sales fell 5.9% and are still 0.8% below a year ago.

While Manatee County saw a significant year-over-year increase in median prices, Sarasota had a slight decrease.

The 30-year fixed mortgage rate on Zillow® Mortgages is now 3.68 percent, down three basis points from this time last week. But in Charlotte, condo prices dropped 6.5 percent to $148,000.

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