Loan limits will likely go up to $625K in 2022, but FHFA hasn’t announced it yet. Still, higher home values have convinced some lenders to boost loan limits now.WASHINGTON –
Emerging Buyer’s Market Lifts Home Sales in May ☘ Hoey Team ☘ eXp Realty
Dated: June 24 2019
For the first time in two months, existing-home sales rose in May as consumers rushed to take advantage of lower mortgage rates and greater inventory. Total existing-home sales—completed transactions including single-family homes, townhomes, condos, and co-ops—jumped 2.5% month over month in May, reaching a seasonally adjusted annual rate of 5.34 million, the National Association of REALTORS® reported Friday. All four major regions of the U.S. saw an increase in sales last month, led by the Northeast.
“The purchasing power to buy a home has been bolstered by falling mortgage rates, and buyers are responding,” says NAR Chief Economist Lawrence Yun. However, total sales are still down 1.1% compared to a year ago.
Homes are selling at a brisk pace—an average of 26 days in May—and Yun continues to call for more new-home construction to meet growing demand. “More new homes need to be built,” Yun says. “Otherwise, we risk worsening the housing shortage, and an increasing number of middle-class families will be unable to achieve homeownership.”
Here’s a closer look at some of the top housing indicators from NAR’s latest report:
- Home prices: The median existing-home price for all housing types in May was $277,700, up 4.8% from a year ago. This marks the 87th consecutive month for annual increases.
- Inventories: Total housing inventory at the end of May rose to 1.92 million, up 2.7% from a year ago. Unsold inventory is at a 4.3-month supply at the current sales pace. While inventory was higher in May, it still remains near historic lows, Yun says. “Solid demand along with inadequate inventory of affordable homes have pushed the median home price to a new record high,” he says.
- Days on the market: Fifty-three percent of homes sold in May were on the market for less than a month. Properties remained on the market an average of 26 days in May, matching averages from a year ago.
- All-cash sales: All-cash transactions comprised 19% of sales in May, down from 21% a year ago. Individual investors tend to make up the largest bulk of all-cash sales. They purchased 13% of homes in May, down slightly from 14% a year ago.
- Distressed sales: The number of foreclosures and short sales continues to shrink. They represented just 2% of sales in May, down from 3% a year ago. Less than 1% of existing-home sales in May were short sales.
Here’s a closer look at how existing-home sales fared across the country in May:
- Northeast: Existing-home sales rose 4.7% to an annual rate of 670,000, nearly matching its pace from a year ago. Median price: $304,100, up 6.6% from May 2018.
- Midwest: Existing-home sales increased 3.4% to an annual rate of 1.22 million, 3.9% below a year ago. Median price: $220,500, an increase of 5.6% from a year ago.
- South: Existing-home sales increased 1.8% to an annual rate of 2.32 million in May, up 1.3% from a year ago. Median price: $241,400, up 3.6% from a year ago.
- West: Existing-home sales rose 1.8% last month to an annual rate of 1.13 million, 3.4% below a year ago. Median Price: $409,100, up 4.1% from a year ago.
Also; please check out the other blogs, and tabs to many other informational Links, Updates & Reports that we have here on our informational website. ☘
"We hope that you find the information useful. If you have any questions, please do not hesitiate to contact Kim or Barry with the Hoey Team ☘ email us at: Barry@SWFLLuxury.Com or KimZuponcic@Gmail.com or Call/Text the Hoey Team at: (239)-360-5527
Please Share this Blog / Page with anyone who you think the info will help. Feel free to refer any family or friends; it is the greatest compliment that you can give to us; we really appreciate referrals; and we will help in any way we can. Most of our business is referrals by word of mouth from past Sellers and Buyers who we have helped; as well as fellow REALTORS also; please ask for and check out our testimonials. Thanks, Barry & Kim ☘"
"Your Real Estate Concierge" If you are looking for a REALTOR® or one-stop Real Estate Team who will fully communicate; promptly, professionally, and in detail with you, to efficiently help you wit....
Latest Blog Posts
A price increase of almost 20% year-to-year is unheard of – until now. Home prices hit record highs in 19 of the 20 cities included in monthly Case-Shiller reports.WASHINGTON (AP) ;
Today’s market isn’t like the boom-bust cycle leading up to the Great Recession: Tough loan standards are the norm, plus many factors have kept housing supply low.MCLEAN, Va. –
Hello,Barry & Kim with the Hoey Team 🍀 239RealEstateDeals.Com LLC ☘ hope that you and yours are doing good; wherever you are located at this time.Hot off the press