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June 2013

Found 3 blog entries for June 2013.

  Existing home sales in the US surged 4.2% to 5.18 million annualized units in May 2013 from an unrevised 4.97 million in April. Market expectations had been for sales of 5.0 million annualized units. The inventory of homes available for sale climbed 3.3% to a nine-month high of 2.22 million units. With the pace of sales exceeding the inventory gain, the month’s supply of unsold homes fell to 5.1 from 5.2 in the previous month and remains well below the historical average of 6.4 months as tight supply conditions persist in the resale market. The median price of existing homes jumped 15.4% on a year-over-year basis that marked the largest price increase since October 2005. With the surge in existing home sales in May, resale activity is now up by 2.7%
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The increasing trend of improved Buyer Optimism carried over from April’s increases sales activity with even more sales in May totalling 659 exactly the same as the sales reported in May 2012. The other side of the numbers is that the volume of 1,428 new listings reported in May was substantially down from the 1,740 new listings reported in May of 2012. The result is that we’ve had a slight decline in the overall number for sale as of June 1, 2013 to 4,783 now down from over 5,000 June 1, 2012. This combination of increased sales and optimism together with decreased listings available suggests that we’re in a trend towards a more balanced market. With interest rates still extremely low, although it’s challenging to get approved to borrow, particularly as
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