Existing Home Sales up Solidly in May 2014, says NAR
Written by Cranbrook on August 13, 2014
Every month, the National Association of Realtors releases numbers for existing-home prices and volume and the most recent report shows that existing-home sales are up, which means more people are buying homes and you can, too!
The report says that sales had increased from the previous month in all four regions of the United States. Existing-home sales made on single-family homes, townhomes, condominiums and co-ops rose 4.9 percent to a seasonally adjust annual rate of 4.89 million in May from an upwardly-revised 4.66 million in April. Just in the Midwest, existing-home sales were up 8.7 percent.
“Home buyers are benefitting from slower price growth due to the much-needed, rising inventory levels seen since the beginning of the year,” Lawrence Yun, NAR chief economist said. “Moreover, sales were helped by the improving job market and the temporary but slight decline in mortgage rates.”
The housing inventory also saw an increase in May of 2.2 percent to 2.28 million existing homes that are for sale. At the current rate of sales, this unsold inventory will last 5.6 months.
While these are a lot of numbers, the primary takeaway is that housing sales are up for right now, pointing to signs that those looking to purchase a home are looking at an opportune time. An improving job market and decline in mortgage rates contribute to this opportunity, one that our realtors at Cranbrook Realtors can assist you with.
We have listings all across Michigan and realtors ready to help you find the home that matches your needs and dreams. Give us a call at 248-283-8700 to learn more about finding your new Michigan home.