The National Association of Realtors® reported its May home sales results this morning. Existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose over 9% from one year ago. The median existing-home price for all housing types in May was $228,700, which is 7.9% above May 2014.
Lawrence Yun, NAR chief economist, said in the NAR Press Release that May home sales rebounded strongly following April’s decline. “Solid sales gains were seen throughout the country in May as more homeowners listed their home for sale and, therefore, provided greater choices for buyers,” he said.
The percent share of first-time buyers rose to 32% in May, up from 30% in April and matching the highest share since September 2012. A year ago, first-time buyers represented 27% of all buyers.
“The return of first-time buyers in May is an encouraging sign and is the result of multiple factors, including strong job gains among young adults, less expensive mortgage insurance and lenders offering low down payment programs,” said Yun.
As reported earlier this month, in Flagstaff the volume of sales of single-family homes was up only 5.1%, with prices up just 2.9%. This is, no doubt, a result of numerous factors, including tighter inventory than the overall national market, significantly higher median prices, and a weaker jobs market in Arizona compared with the nation overall.
Read the NAR Press Release: Existing-Home Sales Bounce Back Strongly in May as First-time Buyers Return | realtor.org.
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