On June 21, 2017, National Association of Realtors® (NAR) reported that the median home value price was $252,800 in May of 2017 higher 5.8% from the price of $238,900 in May of 2016.
Single family home sales gained 1.0% to annual rate of 4.98 million unit in May of 2016, from the annual rate of 4.93 million sales in April of 2017, and rose 2.3% from the 4.85 million home sales rate in May of 2016. The median single family home price was $254,600 in May of 2017, jumped 6.0% from May of
2016.
Existing condominium and co-op sales rose 1.6% to a seasonally adjusted annual rate of 640,000 units in May of 2017 from April of 2017, and higher 3.2% from May of 2016. The median existing condo price was $238,700 in May of 2017, increased 4.8% from May of 2016.
Distressed homes sales were 5.0% in May of 2017 same as from 5.0% in April of 2017, but lower from 6.0% in May of 2016. Foreclosures accounted for 4.0% and short sales were 1.0% of distress sales in May of 2017. Foreclosures sold at average 20.0% discount from market value in May of 2017, down from the 18.0% discount in April of 2017, while short sales sold at 12.0% discount in May of 2017, gained from 12.0% discount in April of 2017.
An average it took 94 days to sell a short sale property, 48 days to sell foreclosures property, and 27 days to sell non distress property in May of 2017.
Lawrence Yun, NAR chief economist, stated "Current demand levels indicate sales should be stronger, but it's clear some would-be buyers are having to delay or postpone their home search because low supply is leading to worsening affordability conditions."
For more complete information, on NAR's May of 2017 home sales stats, please CLICK HERE
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