202219 May

Existing-Home Sales Fall For 3rd Straight Month

Summary

Total existing-home sales — completed transactions that include single-family homes, townhomes, condominiums, and co-ops — slid 2.4% from March to a seasonally adjusted annual rate of 5.61 million in April, NAR said. "Moreover, an increasing number of buyers with short tenure expectations could opt for five-year adjustable-rate mortgages, thereby assuring fixed payments over five years because of the rate reset," Yun added. Realtor.coms Market Trends Report in April shows that the largest year-over-year median list price growth occurred in Miami (+38.3%), Las Vegas (+32.6%), and Orlando (+30.7%). Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 620,000 units in April, down 1.6% from March and down 13.9% from one year ago. "As the nations largest real estate association, we are urging policymakers to enact zoning reforms, homebuilder incentives, and other necessary regulations to help correct this situation."

Source: Nationalmortgageprofessional

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