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Existing home sales rebound pushing median price to new high

24 June 2017

Sales of previously owned USA homes increased in May, a sign of solid demand during the housing market's spring selling season in the face of fast-rising prices and tight inventory.

Competition for homes is reflected in the speed they are being bought and sold: properties sold last month in the city had been on the market for 46 days compared to 50 in May of 2016. Homes are coming off the market at an extremely fast pace and the prevalence of multiple offers in some markets are pushing prices higher.

Single-family home sales in Connecticut saw a 10 percent year-over-year increase in May, according to new data from Connecticut Realtors. The market remained tight, with the inventory of homes for sale in Chicago about 9 percent less year to year.

The median sales price for an existing single-family home in Florida last month was $239,000, up 7.7 percent from the previous year and marking the 66th consecutive month that the statewide median increased.

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.

In May properties were typically on the market for just 27 days, down from 29 days in April and 32 days a year earlier.

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Listings have plummeted 8.4 percent over the past 12 months to 1.96 million. "The rising trend in mortgage applications in recent months points clearly to new cycle highs for home sales over the summer". Housing starts were up 3.2% in the first five months of 2017 compared with a year earlier, slowing from 5.6% growth in all of 2016. Sales in April were revised lower.

CT home sales and prices rose in May, Realtors say.

United States bond yields have moved lower over the past few weeks with 10-year rates at 7-month lows which should help underpin demand. The median price in the Northeast was $281,300, which is 4.7 percent above May 2016.

Midwest fell 5.9 percent to 1.28 million, with a median price of $203,900. The median price in the South was $221,900, up 5.3 percent from a year ago.

The news was just as good in the condo-townhouse market, with year-over-year prices jumping 11.7 percent in Manatee County to $186,250, and 3.1 percent in Sarasota to $255,700.

The current sales rate indicates a supply of just 4.2 months, down from 4.7 months in the same month of past year. Sales were up 2.7 per cent from May 2016.

Existing home sales rebound pushing median price to new high