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ArlingtonReal EstateSales of existing homes stall, but prices keep rising

Sales of existing homes stall, but prices keep rising

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Sales of existing homes are down but prices keep on rising, according to new monthly data from the National Association of Realtors.

“Lack of inventory continues to be the overwhelming factor holding back home sales, [which] falling affordability is simply squeezing some first-time buyers out of the market,” noted NAR chief economist Lawrence Yun in parsing May sales datas.

Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – dropped 0.9 percent from April to a seasonally-adjusted annual rate of 5.8 million in May.

“We continue to face a dire shortage of available housing in this country,” said NAR president Charlie Oppler, a Realtor from Franklin Lakes, N.J., and the CEO of Prominent Properties Sotheby’s International Realty.

“The market’s outlook, however, is encouraging,” Yun said. “Supply is expected to improve, which will give buyers more options and help tamp down record-high asking prices for existing homes.”

The median existing-home price for all housing types in May was $350,300, up 23.6 percent (or more than $75,000) from May 2020, as every region registered price increases. May produced a record high and marks 111 straight months of year-over-year price gains, dating back to March 2012.

But for the second straight month, only the Midwest experienced higher sales from the month that preceded it:

• Existing-home sales in the Northeast decreased 1.4 percent in May to an annual rate of 760,000. The median price in the Northeast was $384,300, up 17.1 percent from May 2020.

• Existing-home sales in the Midwest rose 1.6 percent to an annual rate of 1,310,000 in May. The median price in the Midwest was $268,500, an 18.1-percent increase from May 2020.

• Existing-home sales in the South declined 0.4 percent, posting an annual rate of 2,590,000 in May. The median price in the South was $299,400, a 22.6-percent jump from one year befpre.

• Existing-home sales in the West fell 4.1 percent, recording an annual rate of 1,180,000 in May. The median price in the West was $505,600, up 24.3 percent from May 2020.

Nationally, the median price of an existing single-family home was $356,000 in May, up 24.4 percent from a year before. The median price of an existing condominium was $306,000, up 21.5 percent.

First-time buyers were responsible for 31 percent of sales in May, on par with April.

All-cash sales accounted for 23 percent of market activity in May, down slightly from 25 percent in April. Individual investors or second-home buyers, who account for many cash sales, purchased 17 percent of homes in May, also on par with April.

Distressed sales (foreclosures and short sales) represented less than 1 percent of transactions in May.

Sales of Existing Homes Down, But Price Spike Continues:

Sales of existing homes are down but prices keep on rising, according to new monthly data from the National Association of Realtors.

“Lack of inventory continues to be the overwhelming factor holding back home sales, [which] falling affordability is simply squeezing some first-time buyers out of the market,” noted NAR chief economist Lawrence Yun in parsing May sales datas.

Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – dropped 0.9 percent from April to a seasonally-adjusted annual rate of 5.8 million in May.

“We continue to face a dire shortage of available housing in this country,” said NAR president Charlie Oppler, a Realtor from Franklin Lakes, N.J., and the CEO of Prominent Properties Sotheby’s International Realty.

“The market’s outlook, however, is encouraging,” Yun said. “Supply is expected to improve, which will give buyers more options and help tamp down record-high asking prices for existing homes.”

The median existing-home price for all housing types in May was $350,300, up 23.6 percent (or more than $75,000) from May 2020, as every region registered price increases. May produced a record high and marks 111 straight months of year-over-year price gains, dating back to March 2012.

But for the second straight month, only the Midwest experienced higher sales from the month that preceded it:

• Existing-home sales in the Northeast decreased 1.4 percent in May to an annual rate of 760,000. The median price in the Northeast was $384,300, up 17.1 percent from May 2020.

• Existing-home sales in the Midwest rose 1.6 percent to an annual rate of 1,310,000 in May. The median price in the Midwest was $268,500, an 18.1-percent increase from May 2020.

• Existing-home sales in the South declined 0.4 percent, posting an annual rate of 2,590,000 in May. The median price in the South was $299,400, a 22.6-percent jump from one year befpre.

• Existing-home sales in the West fell 4.1 percent, recording an annual rate of 1,180,000 in May. The median price in the West was $505,600, up 24.3 percent from May 2020.

Nationally, the median price of an existing single-family home was $356,000 in May, up 24.4 percent from a year before. The median price of an existing condominium was $306,000, up 21.5 percent.

First-time buyers were responsible for 31 percent of sales in May, on par with April.

All-cash sales accounted for 23 percent of market activity in May, down slightly from 25 percent in April. Individual investors or second-home buyers, who account for many cash sales, purchased 17 percent of homes in May, also on par with April.

Distressed sales (foreclosures and short sales) represented less than 1 percent of transactions in May.

Sales of Existing Homes Down, But Price Spike Continues:

Sales of existing homes are down but prices keep on rising, according to new monthly data from the National Association of Realtors.

“Lack of inventory continues to be the overwhelming factor holding back home sales, [which] falling affordability is simply squeezing some first-time buyers out of the market,” noted NAR chief economist Lawrence Yun in parsing May sales datas.

Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – dropped 0.9 percent from April to a seasonally-adjusted annual rate of 5.8 million in May.

“We continue to face a dire shortage of available housing in this country,” said NAR president Charlie Oppler, a Realtor from Franklin Lakes, N.J., and the CEO of Prominent Properties Sotheby’s International Realty.

“The market’s outlook, however, is encouraging,” Yun said. “Supply is expected to improve, which will give buyers more options and help tamp down record-high asking prices for existing homes.”

The median existing-home price for all housing types in May was $350,300, up 23.6 percent (or more than $75,000) from May 2020, as every region registered price increases. May produced a record high and marks 111 straight months of year-over-year price gains, dating back to March 2012.

But for the second straight month, only the Midwest experienced higher sales from the month that preceded it:

• Existing-home sales in the Northeast decreased 1.4 percent in May to an annual rate of 760,000. The median price in the Northeast was $384,300, up 17.1 percent from May 2020.

• Existing-home sales in the Midwest rose 1.6 percent to an annual rate of 1,310,000 in May. The median price in the Midwest was $268,500, an 18.1-percent increase from May 2020.

• Existing-home sales in the South declined 0.4 percent, posting an annual rate of 2,590,000 in May. The median price in the South was $299,400, a 22.6-percent jump from one year befpre.

• Existing-home sales in the West fell 4.1 percent, recording an annual rate of 1,180,000 in May. The median price in the West was $505,600, up 24.3 percent from May 2020.

Nationally, the median price of an existing single-family home was $356,000 in May, up 24.4 percent from a year before. The median price of an existing condominium was $306,000, up 21.5 percent.

First-time buyers were responsible for 31 percent of sales in May, on par with April.

All-cash sales accounted for 23 percent of market activity in May, down slightly from 25 percent in April. Individual investors or second-home buyers, who account for many cash sales, purchased 17 percent of homes in May, also on par with April.

Distressed sales (foreclosures and short sales) represented less than 1 percent of transactions in May.

Sales of Existing Homes Down, But Price Spike Continues:

Sales of existing homes are down but prices keep on rising, according to new monthly data from the National Association of Realtors.

“Lack of inventory continues to be the overwhelming factor holding back home sales, [which] falling affordability is simply squeezing some first-time buyers out of the market,” noted NAR chief economist Lawrence Yun in parsing May sales datas.

Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – dropped 0.9 percent from April to a seasonally-adjusted annual rate of 5.8 million in May.

“We continue to face a dire shortage of available housing in this country,” said NAR president Charlie Oppler, a Realtor from Franklin Lakes, N.J., and the CEO of Prominent Properties Sotheby’s International Realty.

“The market’s outlook, however, is encouraging,” Yun said. “Supply is expected to improve, which will give buyers more options and help tamp down record-high asking prices for existing homes.”

The median existing-home price for all housing types in May was $350,300, up 23.6 percent (or more than $75,000) from May 2020, as every region registered price increases. May produced a record high and marks 111 straight months of year-over-year price gains, dating back to March 2012.

But for the second straight month, only the Midwest experienced higher sales from the month that preceded it:

• Existing-home sales in the Northeast decreased 1.4 percent in May to an annual rate of 760,000. The median price in the Northeast was $384,300, up 17.1 percent from May 2020.

• Existing-home sales in the Midwest rose 1.6 percent to an annual rate of 1,310,000 in May. The median price in the Midwest was $268,500, an 18.1-percent increase from May 2020.

• Existing-home sales in the South declined 0.4 percent, posting an annual rate of 2,590,000 in May. The median price in the South was $299,400, a 22.6-percent jump from one year befpre.

• Existing-home sales in the West fell 4.1 percent, recording an annual rate of 1,180,000 in May. The median price in the West was $505,600, up 24.3 percent from May 2020.

Nationally, the median price of an existing single-family home was $356,000 in May, up 24.4 percent from a year before. The median price of an existing condominium was $306,000, up 21.5 percent.

First-time buyers were responsible for 31 percent of sales in May, on par with April.

All-cash sales accounted for 23 percent of market activity in May, down slightly from 25 percent in April. Individual investors or second-home buyers, who account for many cash sales, purchased 17 percent of homes in May, also on par with April.

Distressed sales (foreclosures and short sales) represented less than 1 percent of transactions in May.

Sales of Existing Homes Down, But Price Spike Continues:

Sales of existing homes are down but prices keep on rising, according to new monthly data from the National Association of Realtors.

“Lack of inventory continues to be the overwhelming factor holding back home sales, [which] falling affordability is simply squeezing some first-time buyers out of the market,” noted NAR chief economist Lawrence Yun in parsing May sales datas.

Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – dropped 0.9 percent from April to a seasonally-adjusted annual rate of 5.8 million in May.

“We continue to face a dire shortage of available housing in this country,” said NAR president Charlie Oppler, a Realtor from Franklin Lakes, N.J., and the CEO of Prominent Properties Sotheby’s International Realty.

“The market’s outlook, however, is encouraging,” Yun said. “Supply is expected to improve, which will give buyers more options and help tamp down record-high asking prices for existing homes.”

The median existing-home price for all housing types in May was $350,300, up 23.6 percent (or more than $75,000) from May 2020, as every region registered price increases. May produced a record high and marks 111 straight months of year-over-year price gains, dating back to March 2012.

But for the second straight month, only the Midwest experienced higher sales from the month that preceded it:

• Existing-home sales in the Northeast decreased 1.4 percent in May to an annual rate of 760,000. The median price in the Northeast was $384,300, up 17.1 percent from May 2020.

• Existing-home sales in the Midwest rose 1.6 percent to an annual rate of 1,310,000 in May. The median price in the Midwest was $268,500, an 18.1-percent increase from May 2020.

• Existing-home sales in the South declined 0.4 percent, posting an annual rate of 2,590,000 in May. The median price in the South was $299,400, a 22.6-percent jump from one year befpre.

• Existing-home sales in the West fell 4.1 percent, recording an annual rate of 1,180,000 in May. The median price in the West was $505,600, up 24.3 percent from May 2020.

Nationally, the median price of an existing single-family home was $356,000 in May, up 24.4 percent from a year before. The median price of an existing condominium was $306,000, up 21.5 percent.

First-time buyers were responsible for 31 percent of sales in May, on par with April.

All-cash sales accounted for 23 percent of market activity in May, down slightly from 25 percent in April. Individual investors or second-home buyers, who account for many cash sales, purchased 17 percent of homes in May, also on par with April.

Distressed sales (foreclosures and short sales) represented less than 1 percent of transactions in May.

Distressed sales (foreclosures and short sales) represented less than 1 percent of transactions in May.

Distressed sales (foreclosures and short sales) represented less than 1 percent of transactions in May.

Distressed sales (foreclosures and short sales) represented less than 1 percent of transactions in May.

Distressed sales (foreclosures and short sales) represented less than 1 percent of transactions in May.

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