{"id":1279,"date":"2016-06-22T12:45:54","date_gmt":"2016-06-22T18:45:54","guid":{"rendered":"http:\/\/blog.moreloans4u.com\/?p=1279"},"modified":"2017-10-23T16:43:32","modified_gmt":"2017-10-23T22:43:32","slug":"existing-home-sales-prices-reach-milestone-highs","status":"publish","type":"post","link":"https:\/\/www.moreloans4u.com\/blog\/existing-home-sales-prices-reach-milestone-highs\/","title":{"rendered":"Existing Home Sales and Prices Reach Milestone Highs"},"content":{"rendered":"<p>In nearly a decade, the median price of existing homes reached an all-time high and hit their highest pace last month!!<\/p>\n<blockquote><p>The National Association of Realtors\u00ae (NAR) said completed sales of single-family homes, condominiums, and cooperative apartments rose by 1.8 percent from April to a seasonally adjusted annual rate of 5.53 million units, the highest annual rate since sales set a 5.79 million pace in February 2007. April sales were revised down to 5.43 million from 5.45 million.<\/p><\/blockquote>\n<p>According to the May home sales report:<\/p>\n<ul>\n<li>Despite the increase, sales in May were <b><em>below<\/em> <\/b>what analysts had expected<\/li>\n<li>Sales rose on a year over year basis by 4.5 percent compared to a year-over-year gain of 6.0 percent in April.<\/li>\n<li>The median price of all homes sold during May was $239,700, up 4.7 percent\u00a0from the previous year,\u00a0marking the 51<sup>st<\/sup> consecutive month of year-over-year gains.<\/li>\n<li>Single Family homes up 1.9%<\/li>\n<li>Condo sales have gone up 1.6%<\/li>\n<li>May saw a 1.4 percent increase over inventory in April<\/li>\n<li><b>Foreclosures <\/b>and <b>short sales<\/b> together represented only 6 percent of all sales, down from 7 percent in the month prior<\/li>\n<\/ul>\n<p><em><strong><span style=\"text-decoration: underline;\">Throughout the different regions in the US, existing home sales have increased when compared to a year ago.<\/span><\/strong><\/em><\/p>\n<p>However, while the market remains hot and prices reach milestone highs, we are still seeing low rates of homeownership among young adults. According to a survey conducted by NAR,<b>\u00a0high levels of student debt<\/b>\u00a0may be a\u00a0partial cause of low ownership rates\u00a0and the continuing low share of first-time buyers among the younger population.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><em><strong>Read the full article at\u00a0<\/strong><a href=\"http:\/\/www.mortgagenewsdaily.com\/06222016_existing_homes.asp\" target=\"_blank\">Mortgage Daily News<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In nearly a decade, the median price of existing homes reached an all-time high and hit their highest pace last month!! The National Association of Realtors\u00ae<span class=\"excerpt-hellip\"> [\u2026]<\/span><\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[98],"class_list":["post-1279","post","type-post","status-publish","format-standard","hentry","category-mortgage-industry-news","tag-home-sales-report"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Existing Home Sales and Prices Reach Milestone Highs - ML4U<\/title>\n<meta name=\"description\" content=\"In nearly a decade, the median price of existing homes throughout all regions reached an all-time high and hit their highest pace last month!!\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.moreloans4u.com\/blog\/existing-home-sales-prices-reach-milestone-highs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Existing Home Sales and Prices Reach Milestone Highs - 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