On another note, existing-home sales grew 1.8% in May to their highest pace in almost a decade according to the National Association of Realtors. Total housing inventory at the end of May rose 1.4% to 2.15 million existing homes available for sale, which is still 5.7% lower than a year ago (2.28 million.) The median existing-home price for all housing types was $239,700 in May, up 4.7% from May 2015, and is the 51st consecutive month of year-over-year gains. Existing-home sales in the West jumped 5.4% in May while the median price was $349,900 — 7.7% above May 2015.
Lawrence Yun, NAR chief economist stated “With first-time buyers still struggling to enter the market, repeat buyers using the proceeds from the sale of their previous home as their down payment are making up the bulk of home purchases right now.”
In other housing news, the California Association of Realtors reported that California pending home sales increased in May as some markets are heating up while others are cooling. Statewide, pending home sales increased by 3.8% while Los Angeles saw a 6.9% increase. San Francisco was up a whopping 40.5% from May 2015 to May 2016.
Hero Image By: Mike Kelly / Courtesy of Tomer Fridman
