The sales of existing homes have ticked up 1.1 percent over a month, contrary to market expectations of a 0.5 percent decline. This recent data was released by the National Association of Realtors.
Report Highlights
Seasonally Adjusted Annual Rate
- On the seasonally adjusted annual rate, the National Existing Home Sales increased by 1.1 percent. From 5,560,000 in April, it is now 5,620,000 in May of 2017.
- Among the four US regions, the Northeast has the highest growth month-over-month. From April 2017’s 730,000, it went up to 780,000 in May. That accounts for 6.8 percent increase. The Midwest region, however, reflected negative growth. It fell by 5.9 percent in May from a month prior. The South and West regions felt an increase of 2.2 percent and 3.4 percent respectively.
- Compared to a year ago, previously-owned home sales increased by 2.7 percent. The South region had the highest increase, at 4.5 percent. Still, the Midwest sales fell 0.8 percent in comparison to last year. The Northeast and West Regions’ sales increased 2.6 percent and 3.4 percent respectively.
Not Seasonally Adjusted
- National existing home sales grew by 24.2 percent over a month. That translates to 108,000 more sales in May of 2017.
- All the US regions felt an increase in sales on the said basis, with the Northeast having the highest uptick with 30.4 percent.
- Existing home sales in the US rose by 5.7 percent in over a year. In May of 2016, there were 525,000 sales, while in May this year, sales were at 555,000.
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For the not seasonally adjusted, the median sales price of existing homes rose as well on a year-over-year account. It increased 5.8 percent in May 2017, compared to the same month a year ago. May 2017’s median sales price is $252,800. The average sales price for these homes is at $294,600 in May of 2017, a 4.9 increase from the same period last year.
Existing Home Sales pertain to the properties where the mortgage has been closed. The mortgage closing happens 30 to 60 days after the sales contract is closed.
Find out how new home sales fared, click here.
