Tuesday, June 24, 2014

May Housing Numbers are Heating Up the Market

Existing-homes sales continue to rise strongly across all regions of the country; moderate price growth is aided by inventory gains.

The most recent existing-homes sales report shows that, as predicted, the arrival of spring led to gains in existing-home sales. In fact, the 4.9% month-over-month gain in May was the highest monthly rise since August 2011 (5.5%). The growth in existing home sales can be attributed to the combined effect of an improving job market and moderately declining mortgage rates. Additionally, modest rises in inventory levels have contributed to slower price growth which in turn has helped to increase existing home sales.
When comparing April 2014 to May 2014 data, rising existing-home sales and modest price growth can be seen consistently across all four regions of the country. The Midwest and the South, experienced the biggest jumps in existing home sales, with the Midwest experiencing an 8.7% jump and the South a 5.7% increase. The Northeast and the South experienced the largest April 2014 to May 2014 increase in median home price, with the media price for a Northeast home rising from $244,000 to $256,700 – a $12,700 increase – and the South saw an $11,800 increase, with the media price rising to $184,800 from $173,000.
This most recent report points to a strong spring and summer for existing-home sales across the country! Here are a few of our favorite listings at the latest median price in each region.
Midwest: $165,900
Des Moines, IA $165,000
Square Ft: 2,400
Bedrooms: 4
Address: 3832 41st St
South: $184,800
Columbia, SC $185,000
Square Ft: Not Provided
Bedrooms: 3
Address: 400 Mallet Hill Road B5
West: $297,500
Renton, WA $298,000
Square Ft: Not Provided
Bedrooms: 3
Address: 300 Meadow Ave
Header image is courtesy of Flickr user Matthew Rutledge via Creative Commons

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