- Existing home sales in the United States rose in May to their highest pace in almost a decade, as repeat buyers are more willing to buy houses amid a good job market, an industry report showed Wednesday.
Total existing home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 1.8 percent from the previous month to a seasonally adjusted annual rate of 5.53 million in May, 4.5 percent above a year ago, said the National Association of Realtors (NAR). That was the highest level since February 2007.
May's sales increase was primarily driven by "more homeowners realizing the equity they've accumulated in recent years and finally deciding to trade-up or downsize," said NAR chief economist Lawrence Yun.
"With first-time buyers still struggling to enter the market, repeat buyers using the proceeds from the sale of their previous homes as their down payment are making up the bulk of home purchases right now," said Yun.
"Barring further deceleration in job growth that could ultimately temper demand from these repeat buyers, sales have the potential to mostly maintain their current pace through the summer," Yun added.
Total housing inventory at the end of May increased 1.4 percent to 2.15 million existing homes available for sales, which represents a 4.7-month supply at the current sales pace.
The median existing home price for all housing types in May was 239,700 U.S. dollars, 4.7 percent above the level a year ago, surpassing the peak median sales price set last June.
source : xinhua
GMT 12:56 2018 Friday ,05 January
London house prices in first annual fall since 2009GMT 10:30 2018 Thursday ,04 January
SPNB Wants To Build 15,000 Affordable Homes NationwideGMT 11:42 2017 Tuesday ,19 December
German real estate giant to swallow rival in $6bn dealGMT 05:38 2017 Friday ,08 December
World's biggest sovereign fund enters Asian property marketGMT 15:45 2017 Thursday ,07 December
US private sector hiring slows in NovemberGMT 11:36 2017 Wednesday ,06 December
Sahalah FM Brings 360 Building Services to The KingdomGMT 13:18 2017 Tuesday ,28 November
US new home sales rise to 10-year highGMT 08:05 2017 Monday ,13 November
Southern housing plans discussedMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©