U.S. home sales rebound as prices hit new high

U.S. home sales rebound as prices hit new high

U.S. home sales rebound as prices hit new high

It's up nearly 6% from a year ago.

"It's no exaggeration to say that current buying conditions in many markets are bad, with sellers in complete control and buyers forced to contend with cutthroat competition and intense pressure to make a deal", Gudell said. "Those able to close on a home last month are probably feeling both happy and relieved".

High demand from buyers and a low supply of homes on the market helped to push prices higher across many parts of the country in May, according to the National Association of Realtors (NAR).

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. Inventory has declined on a year-over-year basis for 24 straight months.

The supply of homes available for sales continued to be limited, NAR said, with unsold inventory standing at 4.2-months' worth.

The number of homes on the market rose 2.1 per cent, but supply was down 8.4 per cent from a year ago. Short sales took the longest to sell at a median of 94 days while foreclosures took 48 days.

According to the May 2017 Home Sales Report released by the Virginia REALTORS®, the residential real estate market continues its steady strengthening. Last year's sales from April to May rose by 15.5 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®. That was up 1.1% from a downwardly-revised April sales pace, and beat economists' expectations of a 5.51 million pace. 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.

Existing condominium and co-op sales climbed 1.6 percent to a seasonally adjusted annual rate of 640,000 units in May, and are 3.2 percent higher than a year ago. The median price in the Midwest reached $203,900, up 7.3% 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.

May 2017 volume (the sum of all transactions) was $4.360 billion, soaring 10.1 percent over last May's volume of $3.961 billion. LaPorte County saw sales dip 12.1 percent to 116, while the median price was up slightly to 0.8 percent.

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