Things are shaping up nicely as we head into summer.
Sales of existing homes once again ratcheted a notch higher. For April, sales rose 1.7% to 5.45 million units on an annualized rate. The sales trend shows that monthly sales are occurring at the highs that were posted last fall.
We’re seeing more sales, but we’re not seeing more discounting. To the contrary, the median price of an existing home rose 5% to $232,500 for April. Year over year, the median price is up 6.3%. The fact that we are seeing more sales while prices hold firm bodes well for sales as we head into summer.
As for new-home sale numbers, our initial response was ‘WOW.’ April new-home sales posted at 619,000 units on an annualized rate. That’s a 16.6% monthly increase – the highest monthly increase in 24 years. April’s numbers blew out all other monthly numbers since the housing recovery took hold a few years ago.
This latest round of housing and lending data support a contention that we’ve had all along. Entering January, we predicted that 2016 could be the strongest year for home sales and lending that we’ve seen in over decade. Our prediction is looking more likely to come to fruition.
Source: Housing: The New Growth Market, Alan Polson (May 2016)
Author:Matt Pennington Phone: 480-251-0280 Dated: June 3rd 2016 Views: 455 About Matt: Matt has been a licensed Real Estate Broker since 2003 and with American AllStar Realty since 2005. ...
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