Home » Bangor » Existing-Home Sales Grow Highest Pace in Nine Years

Existing-Home Sales Grow Highest Pace in Nine Years

Existing-home sales sprang ahead in May to their highest pace in almost a decade, while the uptick in demand this spring amidst lagging supply levels pushed the median sales price to an all-time high, according to the National Association of Realtors®.
Total existing home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, grew 1.8 percent to a seasonally adjusted annual rate of 5.53 million in May. With last months gain, sales are now up 4.5 percent from May 2015 (5.29 million) and are at their highest annual pace since February 2007.
Lawrance Yun, NAR chief economist, says existing sales continue to hum along, rising in May for the third consecutive month. “This spring’s sustained period of ultra-low mortgage rates has certainly been a worthy incentive to buy a home, but the primary driver in the increase in sales is more homeowners realizing the equity they’ve accumulated in recent years and finally deciding to trade-up or downsize.”
Recent declines in interest rates due to Great Brittan’s exit from the European Union will have will create an additional unanticipated surge in sales.

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