Sales of homes that have been previously occupied (the largest segment of the
housing market) jumped up to 5.35 million units in May, easily topping the
consensus estimates of 5.25 million. This was a 5.1% gain over April's
data.
The median home price jumped up 7.9% from the same period last year. The median price was $228,700 and marks the 39th consecutive month of gains.
Lawrence Yun, NAR chief economist, says May home sales are now at their highest pace since November 2009 (5.44 million). "Solid sales gains were seen throughout the country in May as more homeowners listed their home for sale and therefore provided greater choices for buyers," he said. "However, overall supply still remains tight, homes are selling fast and price growth in many markets continues to teeter at or near double-digit appreciation. Without solid gains in new home construction, prices will likely stay elevated — even with higher mortgage rates above 4 percent."
Looks like the seller's market will continue for this summer.
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