Special offer

Sales of New Homes Up 20%, Existing Real Estate Sales Up 7.6% in May

By
Real Estate Agent with SeattleHome.com -Coldwell Banker Danforth

New home sales have been down significantly over the past few years, as builders and developers held back on new projects during the real estate downturn.  Those numbers finally seem to be changing, as the new construction market starts to see the gains that the general real estate marketing has been seeing for the past few months.

New home sales were up 20 percent last month, a marked increase over the same time last year.  Existing home sales, at the same time, were up 7.6%, another strong indicator for the market.

From Realtor Mag:

"New-home sales got a big lift last month, selling at the fastest pace in two years, the Commerce Department reported Monday.

Single-family home sales rose 7.6 percent, reaching the highest level since April 2010. Year-over-year, total new-home sales were up nearly 20 percent. Prices are rising too, with new homes seeing a 5.6 percent increase over year ago levels -- now at a median price of $234,500.

"May's sales report is a welcome sign that the market has returned to a more solid growth path following lackluster reports in March and April, and is in keeping with our expectations for continued, steady improvement through the end of this year," says David Crowe, National Association of Home Builders’ chief economist."

© Seattle Homes, LLC: - Sam DeBord, Managing Broker, Realtor
Coldwell Banker Seattle: Coldwell Banker Danforth & Associates
Twitter | Facebook | LinkedIn | Sam (at) SeattleHome.com

Data Source: NWMLS - The Northwest Multiple Listing Service did not compile or publish this information.

Comments (0)