TwitterFacebookPinterestGoogle+
  • WASHINGTON (AP) — President Donald Trump challenged skeptical media coverage of his historic summit with North Korea’s Kim Jong Un on Wednesday, declaring that “Fake News” is the nation’s “biggest enemy.” Photo: REUTERS/Jonathan Ernst
    WASHINGTON (AP) — President Donald Trump challenged skeptical media coverage of his historic summit with North Korea’s Kim Jong Un on Wednesday, declaring that “Fake News” is the nation’s “biggest enemy.” Photo: REUTERS/Jonathan Ernst

GET YOUR TICKETS NOW!

Report: May’s Brisk Home Sales Set Post-Recession Records

DENVER, (FNN NEWS) — After a brief dip in April home sales, the U.S. housing market returned to seasonally high sales in May, increasing 20.6% from the previous month and 4.3% from May 2016, according to the RE/MAX National Housing Report released today. In fact, it was the strongest May in terms of home sales in the nine-year history of the report. To access the housing report infographic, visit rem.ax/2cYFT50.

In addition, the average number of Days on Market dropped to a record low of 51, consistent with the Months Supply of Inventory shrinking to 2.6 months – both records for the report.

Other notable numbers:

  • Over two-thirds of the metro areas experienced an increase in transactions.
  • The May 2017 Median Sales Price of $232,500 was the second highest in the history of the report, only behind the August 2008 Median Sales Price of $236,062.
  • Decreasing 16.2% from May 2016, inventory continued to decline year-over-year. This is the 103rd consecutive month of year-over-year declines dating back to October 2008.
  • The U.S. continues to enjoy rising home values as 52 of the 53 metro areas experienced a price increase.

“In May, we saw an uptick of both loan applications and home sales, which is encouraging in terms of more people getting into the market for homes,” said Adam Contos, RE/MAX Co-CEO“We don’t expect that the Federal Reserve’s announcement on Wednesday to raise interest rates a quarter of a point will greatly affect the market’s momentum. But housing demand only intensifies the tug-of-war with tight inventories driving prices up.”

Closed Transactions
Of the 53 metro areas surveyed in May 2017, the overall average number of home sales increased 4.3% compared to May 2016. Thirty-nine of the 53 metro areas experienced an increase in sales year-over-year including Albuquerque, NM +20.8%, Tulsa, OK +13.4%, Las Vegas, NV +12.2%, Honolulu, HI +11.5%, Phoenix AZ, +11.3%.

Median Sales Price – Median of 53 metro median prices
In May 2017, the median of all 53 metro Median Sales Prices was $232,500, up 2.9% from April 2017 and up 3.6% from May 2016. Fargo, ND was the only metro area to see a year-over-year price decrease (-2.73%). Six metro areas increased by double-digit percentages, with the largest increases seen in Manchester, NH +13.2%, Seattle, WA +12.8%, Tampa, FL +12.8%, Las Vegas, NV +10.7% and Dallas/Fort Worth +10.7%.

Days on Market – Average of 53 metro areas
The average Days on Market for homes sold in May 2017 was 51, down six days from the average in April 2017, and down seven days from the May 2016 average. The four metro areas with the lowest Days on Market were Omaha, NE at 20, San Francisco, CA at 21, Seattle, WA at 22 and Denver, CO at 23. The highest Days on Market averages were in Augusta, ME at 136 and Burlington, VT at 98. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Months Supply of Inventory – Average of 53 metro areas
The number of homes for sale in May 2017 was down 0.6% from April 2017, and down 16.2% from May 2016. Based on the rate of home sales in May, the Months Supply of Inventory was 2.6, compared to April 2017 at 2.8 and May 2016 at 3.0. This is the third month in a row months supply has been below 3.0. A 6.0-months supply indicates a market balanced equally between buyers and sellers. In May 2017, 52 of the 53 metro areas surveyed reported a months supply of less than 6.0, which is typically considered a seller’s market. At 6.1, Miami, FL was the only metro area that saw a months supply above 6.0, which is typically considered a buyer’s market. The markets with the lowest Months Supply of Inventory continued to be in the west, with both San Francisco, CA and Seattle, WA at 0.9, and Denver, CO at 1.0 for the fourth month in a row.

SOURCE | RE/MAX, LLC 

Leave a Reply

Your email address will not be published. Required fields are marked *

POLITICS & POWER NEWS

National Politics

VIDEO: Andrew Jeng Releases First Campaign TV Ad In Kissimmee Commission Race

KISSIMMEE, Fla. (FNN NEWS) – Tech entrepreneur Andrew Jeng releases his first campaign TV ad…

Rep. Soto, Rev. Sharpton, UnidosUs, NAACP, Civil Rights Leaders Host Press Conference Demanding Trump Admin End Practice of Separating Families at the U.S. Border

WASHINGTON, D.C. – On Tuesday Congressman Darren Soto, along with social justice leaders, held a press conference…

London Breed Becomes 1st Black Woman to Lead San Francisco After Opponent Concedes

SAN FRANCISCO, Ca. (CNN) - London Breed became the first African-American woman elected to lead San…

STATE & LOCAL POLITICS

VIDEO: Andrew Jeng Releases First Campaign TV Ad In Kissimmee Commission Race

KISSIMMEE, Fla. (FNN NEWS) – Tech entrepreneur Andrew Jeng releases his first campaign TV ad…

Orange Candidates Qualify for Mayor, Sheriff, County Commission, School Board, Soil & Water

ORANGE COUNTY, Fla. (FNN NEWS) -  Orange County candidates who qualified Friday before the qualification…

Senator Linda Stewart Doubts New Trump Executive Order Will End Immigrant Families' Plight

TALLAHASSEE – With President Donald Trump’s “zero tolerance” immigration policy still intact, and the fate of…

Political Newcomer Andrew Jeng Raises a Stunning $25,000 in Kissimmee Commission Race

KISSIMMEE, Fla. (FNN NEWS) – Tech entrepreneur and smart city candidate Andrew Jeng, who is…

SPORTS NEWS

MORE SPORTS NEWS

Mascot Games: Mascots Leave Mark on Central Florida for 25th Year

ORLANDO, Fla. (FNN SPORTS) - On the 25th Anniversary of an event that was started…

Bamba is the Magic's Choice at Number 6

ORLANDO, Fla. (FNN SPORTS) - The Orlando Magic spent the 6th overall pick in the…

Daytona International Speedway to Deliver One of the Largest Fireworks Shows in the Southeast At The Coke Zero Sugar 400

DAYTONA BEACH, Fla. (June 20, 2018) – When the checkered flag waves on the 60th Coke Zero Sugar…

Orlando City Loses Fifth-Straight Match to Vancouver

VANCOUVER (FNN SPORTS) – Source: Orlando City SC // In the third match of a…

2019 DAYTONA 500 Tickets On Sale Tuesday, June 12

DAYTONA BEACH, Fla. -Tickets for the 61st annual DAYTONA 500 will officially go on sale…

VIDEO: Buccaneers' Cut For A Cure Raises $130,000 For National Pediatric Cancer Foundation

TAMPA, Fla. - On Monday, the Tampa Bay Buccaneers continued to support the fight against childhood…

BUSINESS NEWS

MORE BUSINESS NEWS

Political Newcomer Andrew Jeng Raises a Stunning $25,000 in Kissimmee Commission Race

KISSIMMEE, Fla. (FNN NEWS) – Tech entrepreneur and smart city candidate Andrew Jeng, who is…

VIDEO: Grenada Consul General Warren Newfield Discusses the Island Nation's Growth

MIAMI BEACH, Fla. (FNN NEWS) - Grenada Ambassador-at-Large and Consul General in Miami Warren Newfield,…

Comcast Challenges Disney with $65B Bid for Fox

NEW YORK (AP) — Comcast made a $65 billion bid Wednesday for Fox’s entertainment businesses,…

Facebook Says It's Removing Trending News Feature Next Week

SAN FRANCISCO (FNN NEWS) - Facebook announced Friday that it will remove its "Trending" section from…

VIDEO: Dunkin Donut Delivers Free Donuts on National Donut Day

ORLANDO, Fla. (FNN NEWS) - Friday, June 1 is National Donut Day. You still have…

Orange County Property a Hot Commodity: New Construction Rises to $3.6 Billion in 2018

ORANGE COUNTY, Fla. (FNN NEWS) - Property values for Orange County continue to increase, topping…

ENTERTAINMENT NEWS

MORE ENTERTAINMENT NEWS

Daytona International Speedway to Deliver One of the Largest Fireworks Shows in the Southeast At The Coke Zero Sugar 400

DAYTONA BEACH, Fla. (June 20, 2018) – When the checkered flag waves on the 60th Coke Zero Sugar…

VIDEO: Trayvon Martin's Parents Talk Latest Trayvon Martin Foundation Efforts at ABFF

MIAMI BEACH, Fla. (FNN NEWS) - While promoting the newly released Trayvon Martin docuseries "Rest…

VIDEO: "Star" Actress Ryan Destiny Talks Body Image and Her Character at ABFF

MIAMI BEACH, Fla. (FNN NEWS) - "Star" co-lead actress Ryan Destiny talks with Florida National…

Comcast Challenges Disney with $65B Bid for Fox

NEW YORK (AP) — Comcast made a $65 billion bid Wednesday for Fox’s entertainment businesses,…

Conservative Commentator Charles Krauthammer Says He Has 'Only a Few Weeks Left to Live'

NEW YORK, N.Y. (FNN NEWS) - Longtime Fox News commentator and conservative Washington Post columnist Charles…

BREAKING NEWS: Miss America Ends Swimsuit Competition

NEW YORK (FNN NEWS) - Gretchen Carlson, the board of trustees chair for the Miss…

LIFESTYLE NEWS

MORE LIFESTYLE NEWS

VIDEO: Grenada Consul General Warren Newfield Discusses the Island Nation's Growth

MIAMI BEACH, Fla. (FNN NEWS) - Grenada Ambassador-at-Large and Consul General in Miami Warren Newfield,…

BREAKING NEWS: Miss America Ends Swimsuit Competition

NEW YORK (FNN NEWS) - Gretchen Carlson, the board of trustees chair for the Miss…

VIDEO: Newseum to Add 18 Journalists Killed in 2017 to Journalists Memorial on June 4

WASHINGTON -- Today, at 10 a.m., the Newseum will rededicate its Journalists Memorial, which recognizes men and women who were killed…

Facebook Says It's Removing Trending News Feature Next Week

SAN FRANCISCO (FNN NEWS) - Facebook announced Friday that it will remove its "Trending" section from…

VIDEO: Dunkin Donut Delivers Free Donuts on National Donut Day

ORLANDO, Fla. (FNN NEWS) - Friday, June 1 is National Donut Day. You still have…

Update on the Star Wars Immersive Resort Planned for Walt Disney World Resort

Last summer, plans for a Star Wars-inspired destination at Walt Disney World Resort were unveiled at the D23 Expo. Today…

GOLDEN TRAILER

ESSENCE MUSIC FEST

MISS AMERICA

ABFF FILM FESTIVAL

JAZZ IN THE GARDENS

DAYTONA 500

MISS UNIVERSE

WRITERS GUILD

CANNES FILM FESTIVAL

TONY AWARDS