Existing Home Sales up by 4.9%
Very good news from the National Association of REALTORS! Markets are steadily moving in a positive manner and that’s good for all of us. This is the National report, for a local report of the Venice area, please go the the Videos/Blogs tab on my website and click on Market Updates.
Existing-home sales rose strongly in May, with all four regions of the country experiencing sales gains on the previous month, according to the National Association of REALTORS®.
Total existing-home sales (comprised of completed transactions on single-family homes, townhomes, condominiums and co-ops) rose 4.9 percent to a seasonally adjusted annual rate of 4.89 million in May from an upwardly-revised 4.66 million in April. This was the highest monthly rise since August 2011, but existing home sales remain 5 percent below year-ago levels.
For those of you who want to hear all the details and directly from Lawrence Yun, NAR chief economist, click on the video.