National median price jumps 15 percent in May
Monday, June 24, 2013
Existing-home sales improved in May and remain solidly above a year ago, while the median price continued to rise by double-digit rates from a year earlier, according to the National Association of REALTORS®.
Total existing-home sales (12.9 percent above that of May 2012) are at the highest level since November 2009, when buyers took advantage of the tax stimulus. Meanwhile, the national median existing-home price for all housing types was up 15.4 percent from May 2012.
Lawrence Yun, NAR chief economist, said the recovery is strengthening and to expect limited housing supplies for the balance of the year in much of the country. "The housing numbers are overwhelmingly positive. However, the number of available homes is unlikely to grow, despite a nice gain in May, unless new home construction ramps up quickly by an additional 50 percent,” he says. "The home price growth is too fast, and only additional supply from new homebuilding can moderate future price growth.”