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Previously-owned Home Sales Highest Point Since 2009

Stats to make you smile.

by MIKE HALL Owner/Broker/Agent

A recent report from the National Association of Realtors released some statistics that show home buying is on an upward trek. A few highlights from a story published by the National Mortgage News includes:

  • Closings on existing properties, which usually occur a month or two after a contract is signed, rose 5.1 percent to a 5.35 million annualized rate.
  • The share of first-time buyers matched the highest level since September 2012.First-time buyers accounted for 32 percent of all purchases in May, up from 27 percent a year earlier.
  • Compared with a year earlier, purchases increased 5.1 percent in May before adjusting for seasonal variations.
  • The median price of an existing home rose 7.9 percent from May 2014 to $228,700. The appreciation was led by a 10.2 percent year-to-year advance in the West and a 9.4 percent gain in the Midwest.
  • Prices have been bolstered by a dearth of supply on the market. The number of previously owned homes for sale rose 1.8 percent in May to 2.3 million.
  • At the current sales pace, it would take 5.1 months to sell those houses, compared with 5.2 months at the end of the prior month.

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