May National Existing Home Sales Rebound

Homes stayed on the market an average of 26 days in May and prices were up nearly 5% compared to a year ago.

The National Association of Realtors recently reported that existing-home sales hit 5.34 million, a seasonally-adjusted annual pace in May. Buyer demand continued to push then total number of sales of previously-owned homes 2.5% higher than in April but was still 1.1% lower from May 2018. According to MarketWatch, “consensus forecast was for a 5.28 million annual rate.”

What happened: Nationally, the median sales price for previously-owned homes climbed in May to $277,700, representing a 4.8% annual price increase, the 87th straight month of annual price increases.

Fast Facts for May
Northeast sales increased by 4.7% jump in sales
Midwest sales increased by 3.4%
South sales increased by 1.8%
West sales increased by 1.8%

Housing demand remains generally strong overall, with properties remaining on the market for an average of 26 days in May, up a bit from 24 days in April, but still a sign of a strong seller’s market.

The National Association of Realtors seasonally-adjusted sales showed 540,000 homes were sold during the month of May, which is up from 535,000 reported in May 2018.

With the recent drop in mortgage average rates falling to a three-year low, the costs associated with a home purchase are clearly giving buyers, especially first-time buyers with additional incentives to re-enter the market, as rents continue to trend higher. These figures have improved significantly from 2018 when average mortgage rate was 4.55% and is now hitting a 3-year low of 3.84%.

If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.

Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.

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