On June 20, 2018, National Association of Realtors (NAR) reported that regional existing home sales in the Northeast gained 4.6% in May of 2018 to an annual rate 680,000 homes from April of 2018, but lower 11.7% from May of 2017. The median price in the Northeast was $275,900 in May of 2018, lost 1.8% from May of 2017.
Home sales in the Midwest fell 2.3% in May of 2018 to an annual rate 1.26 million homes from April of 2018, and declined 2.3% from May of 2017. The median price in the Midwest was $209,900 in May of 2018, higher 4.2% from May of 2017.
Home sales in the South dropped 0.4% in May of 2018 to an annual rate 2.32 million homes from April of 2018, but same as 0.0% from May of 2017. The median price in the South was $233,100 in May of 2018, increased 4.5% from May of 2017.
Home sales in the West down 0.8% in May of 2018 to an annual rate 1.17 million homes from April of 2018, and decreased 4.1% from May of 2017. The median price in the West was $395,800 in May of 2018, jumped 7.2% from May of 2017, according to NAR on June 20, 2018.
Lawrence Yun, NAR chief economist, stated “That is why home prices keep outpacing incomes and listings are going under contract in less than a month – and much faster – in many parts of the country.”
For more complete information, on NAR's May of 2018 regional existing home sales report, please click HERE
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