Existing home sales hit record in May, reports NAR
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 6.27 percent in May, up from 5.83 percent in April; it was 5.48 percent in May 2003.
The national median existing-home price was $183,600 in May, up 10.3 percent from May 2003 when the median price was $166,400. The median is a typical market price where half of the homes sold for more and half sold for less.
Housing inventory levels at the end of May rose 0.8 percent from April to a total of 2.38 million existing homes available for sale, which represents a 4.2-month supply at the current sales pace.
Regionally, existing home sales in the West rose 5.5 percent in May to a record annual rate of 1.93 million units, and were 22.9 percent above May 2003. The median existing-home price in the West was $257,900, up 12.3 percent from a year ago.
The existing home sales pace in the South increased 3.8 percent in May to a record annual rate of 2.75 million units, and was 19 percent above the same month a year ago. The median price of an existing home in the South was $168,500, which was 9.4 percent higher than May 2003.
Existing home sales in the Midwest slipped 0.7 percent in May to an annual rate of 1.40 million units, second only to a record 1.41 million in April, and were 6.1 percent above a year ago. The median price in the Midwest was $152,700, up 10.2 percent from May 2003.
Existing home sales in the Northeast declined 1.4 percent from April to a pace of 720,000 units in May, but were 7.5 percent higher than May 2003. The median resale price in the Northeast was $213,200, up 18.6 percent from a year ago.