Existing-Home Sales Up 4.9% in May 2014

Real Estate Research, Stats, and Trends · Read in less than a minute 

National stats from Realtor.org (June 23, 2014):

Existing-home sales were up 4.9% but down 5.0% YOY. This strongly hints the July 2013, sales decline is pretty much over.

Distressed homes (foreclosures and short sales) accounted for 11% of May sales, down 18% YOY.

First-time home buyers made up 27% of all buyers in May, down from 29% from the previous month.

All-cash sales comprised 32% of transactions in May, down 33% YOY.

The median single-family home price is $213,600 in May, up 4.9% YOY.

Job creation is expected to be solidly positive. Main negative to housing market over the next months/years is expected to be rising interest rates.

Rents are at a 5-year high, rising 3.1% YOY. NAR Chief Economist suggests this may result in mortgage rates increasing briskly if the Federal Reserve is not accounting for rapidly rising rents.

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