Inside Lending Newsletter From Kristen Zorda, Existing Home Sales Were Up
QUOTE OF THE WEEK… “Success is the sum of small efforts repeated day in and day out.” –Robert Collier, American writer
INFO THAT HITS US WHERE WE LIVE… The daily efforts of housing market professionals achieved some impressive successes in May. Existing Home Sales were up 4.9% for the month, to a 4.89 million annual rate. Sales are still down a tick versus last year, but they’re getting closer to a healthy 5 million unit yearly pace. It was especially good to see that inventories continued to grow in May and are now up 6% compared to a year ago. The months’ supply dipped to 5.6 months thanks to the faster selling pace. The median price for existing homes is up 5.1% over a year ago, which is no doubt bringing more sellers into the market.
We saw even more impressive success on Tuesday with New Home Sales up 18.6% in May to a solid 504,000 unit annual rate, their highest pace in six years. Sales were up in all major areas of the country and the median price is up 6.9% from a year ago. The FHFA price index for homes financed with conforming mortgages was flat in April, yet up 5.9% versus a year ago. The S&P/Case-Shiller 20-city home price index was just 0.2% higher in April over March. But prices were up 10.8% year-over-year, slightly less than March’s 12.3% reading. Many experts feel that slowing home price gains indicate a return to a more stable market.
BUSINESS TIP OF THE WEEK… Prioritize your goals by which are the most urgent, or the easiest to achieve, or the most important for long-term growth. Then write down the steps you’ll take each month or each quarter to achieve them.
648 Plank Rd. Suite 203
Clifton Park, NY 12065
Orson B.Klender, Associate Broker
Keller Williams Realty Saratoga Springs
38 High Rock Ave, Saratoga Springs, NY 12866
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