Report on May Existing Home Sales

Rich Barnhart

Rich Barnhart

Lawrence Yun reports that sales are down 1.4 percent since January even though the economy is doing well and job growth is strong. Median sales price reached an all time high of $264,800 which may be part of the reason sales are down since some first time home buyers are getting priced out of the less affordable markets. Inventory is very tight at only 4.1 months of supply. With new home builders still building more units the hope is that current home owners will step up into new homes releasing their existing homes into the market and bringing inventory levels up closer to an equilibrium of 6 to 7 months.
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Rich Barnhart

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