Existing Home Sales

Existing Home SalesAccording to the National Association of Realtors, existing home sales increased 2.6% to exceed 5 million for the first time in 2014 at an 8 month high.  Existing home sales make up an estimated 90% of all home sales.

Median existing home prices rose 4.4% to $212,400 in the second quarter following an impressive 8.3% annual increase in the first quarter. From June 2013 to June 2014, the number of homes for sale rose 6.5% to 2.3 million. ¬†“At this slower but healthier rate, homeowners can continue steadily building equity. Meanwhile, for buyers, increased supply with moderate price gains is giving them better opportunities to choose,” NAR chief economist Lawrence Yun said.

What trends are you seeing in your area?