May Home Sales And Prices Continue Rising

Dated: 07/02/2015

Views: 616

Home sales in May were greater than in any other May since the RE/MAX National Housing Report began in 2008. This spring has now experienced a four–month trend in which sales were higher than both the previous month and the same month in the previous year. Completed transactions in May were 8.9% higher than in April and 3.5% higher than in May 2014. The Median Sales Price of a home sold in May was $212,910, which was 7.8% above the price seen in May 2014. The inventory of homes for sale also continued a positive trend‚ with a 0.4% increase from April’s inventory. With a growing rate of home sales, the resulting Months Supply of Inventory in May was 3.6 on a scale where 6.0 months indicates a market balanced equally between buyers and sellers.

Image title

In the 53 metro areas surveyed for the May RE/MAX National Housing Report‚ the average number of home sales increased 3.5% over sales in May 2014 and were 8.9% higher than in April. The average month–over–month increase for the first five months of 2015 has been 3.6%. With May sales‚ the last four months have each recorded the highest number of sales in their respective months since the RE/MAX National Housing Report began in 2008. In Ma‚, 38 metro areas reported higher sales on a year-over-year basis‚ with 11 reporting double–digit increases.

For all homes sold in May‚ the Median Sales Price was $212,910. This was 4.4% higher than the Median Sales Price in April‚ and 7.8% higher than the price in May 2014. On a year-over-year basis‚ the Median Sales Price has now risen for 40 consecutive months. Continuing price appreciation is the result of pressure from a constrained inventory‚ which has been an average of 11% lower than the same time last year over the past seven months. Among the 53 metro areas surveyed‚ 50 reported higher prices than one year ago‚ with 12 rising by double-digit percentages.

Image title

The average Days on Market for all homes sold in May was 64‚ down seven days from April‚ and two days below the average of 66 in May 2014. May is the 26th month with a Days on Market average of 80 or below. In markets with very low inventory‚ such as San Francisco and Denver‚ Days on Market was as low as 23. The highest Days on Market average was 108 in Burlington‚ VT. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Image title

After a 2.3% month-over-month inventory increase in April‚ May saw a 0.4% increase. This is the first time there have been back-to-back monthly increases since May and June 2014. This May also marked the fifth consecutive month of inventory improvement from the previous month. However‚ inventory is still 11.7% below the level of one year ago. Based on the rate of home sales in May‚ the average Months Supply of Inventory was unchanged from April at 3.6. Several metros are still reporting less than a two-month supply of inventory. A supply of 6.0 is considered balanced.

Image title

Source: REMAX National Housing Report for June 2015 -

Blog author image

Trevor Taefi

Lifetime resident of Charlotte with over 13 years of extensive general brokerage real estate sales, investor portfolio services, fix to flip, buy and hold, and new construction sales. I pride myse....

Latest Blog Posts

6013 Magna Lane Indian Trail NC Open House

Open House - February 22, 2019 4 - 6 pmOpen House - February 24, 2019 2:30 - 4:30 pmSTUNNING WELL MAINTAINED HOME IN SOUGHT AFTER TAYLOR GLENN COMMUNITY. Coming Soon and completely move in ready! 5

Read More

25 NC Dreamiest Places To Retire Relocate And Relax

Dream Destinations: 25 Places to Retire, Relocate, Relax We’ve rounded up 25 of the dreamiest places to retire, relocate, and relax from the mountains to the coast. written by OUR STATE

Read More

7 Personal Finance Lessons From The Government Shutdown

7 Personal Finance Lessons from the Government Shutdown by Trent HammUpdated on 01.29.19  The government shutdown is over. Government workers have returned to their jobs

Read More

Stone Table In Monroe

Stone Table in Monroe For Union County diners, one chef’s modern take on traditional fare is a constant source of discovery and delight. written by ELIZABETH LELAND PHOTOGRAPH BY LAURA

Read More