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.
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Across all sectors in housing, we’re experiencing a technology transformation that is increasing velocity, reducing cost and improving quality. In fact, the pace of change throughout the mortgage process has been steadily accelerating, and that trajectory is likely to continue in years ahead.
Although this year’s Optigo conference looked a little different, over 1,800 multifamily professionals joined the Freddie Mac team online to talk about the year we’ve had and look forward to what lies ahead.
Freddie Mac delivered a strong third quarter performance while supporting the housing market and families affected by the pandemic.
As the COVID-19 pandemic continues Freddie Mac has worked closely with our servicers to provide affected homeowners with options to stay in their homes.