Kent Hoover of Washington Bureau Chief stated that sales of existing homes jumped nearly five percent in May which is the biggest monthly
increase in nearly three years. Even though the May sales volume was lower by about
five percent last year according to the National Association of Realtors, this report was still great news for the housing industry.
Home buyers are still benefiting from the
slower price growth due to the increasing number of inventories since the
beginning of this year. Sales are also helped by the improving job market and
slight decline in mortgage rates.
Another issue facing the housing market is
that 27% of buyers in May were first time home buyers. Steve Brown, NAR President, mentioned that this percentage
will improve if mortgage rates stay stable and number of inventories improves.
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