June 23, 2016

Ahead in May

We're currently over 30,000 home sales ahead of last year in May as you can see in our interactive housing tracker below.

Existing–home sales were up to their highest level in over 9 years to a seasonally adjusted annual rate of 5.53 million in May. This marked the third consecutive month of rising existing home sales. And new home sales pulled back from their big jump in April to a seasonally adjusted annual rate of 551,000 units, though still remain ahead of May 2015 sales.

Currently existing home sales are down 2%, compared to 4% last month, and new home sales are down 36% compared to 2007 through May on a non-seasonally adjusted basis.

Demand for homes has been especially strong as more Americans find work, wages edge higher and mortgage rates remain historically low. We still have some ground to make up but housing remains a bright spot in the economy.