The National Association of REALTORS® (NAR) most recent report showed that total existing sales, which include single-family homes, condominiums, townhomes and co-ops, rose 5.1 % to a seasonally adjusted annual rate of 5.35 million in May. Sales have increased year-over-year for eight consecutive months and now are 9.2 percent above a year ago.
Chief economist for NAR, Lawrence Yun, discussed May home sales rebounding robustly after a decline in April. Sales are now at their strongest pace since November 2009 according to Yun. “Solid sales gains were seen throughout the country in May as more homeowners listed their home for sale providing more choices for buyers.” Although inventory remains tight, homes are selling fast with price growths in some markets edging toward a double digit increase. Yun also predicts that new home construction prices are likely to stay elevated.