On June 20, 2018, National Association of Realtors® (NAR) reported on median home value price was $264,800 in May of 2018 higher 4.9% from the price of $252,500 in May of 2017.
Single family home sales dropped 0.6% to annual rate of 4.81 million unit in May of 2018 from the annual rate of 4.84 million sales in April of 2018, and down 3.0% from the 4.96 million home sales rate in May of 2017. The median single family home price was $267,500 in May of 2018, jumped 5.9% from May of 2017.
Condominium and co-op sales rose 1.6% to an annual rate of 620,000 units in May of 2018, from 610,000 units in April of 2018, but declined 3.1% from May of 2017. Median existing condo price was $244,100 in May of 2018, gained 2.5% from May of 2017.
Distressed homes sales were 3.0% in May of 2018 lower from 4.0% in April of 2018, and fell from 5.0% in May of 2017. Foreclosures accounted for 2.0% and short sales were 1.0% of distress sales in May of 2018.
Lawrence Yun, NAR chief economist, stated “The abrupt hike in mortgage rates this spring, along with price appreciation and competition being the strongest in the entry-level part of the market, is why first-time buyers are not as active as they should be and their participation remains below its historical average,”
For more complete information, on NAR's May of 2018 home sales stats, please click HERE
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