Steel Markets
June 21, 2017
Existing Home Sales Climb in May
Written by Sandy Williams
Existing home sales climbed 1.1 percent in May, reports the National Association of Realtors. Sales rebounded to a seasonally adjusted annual rate of 5.62 million from a downwardly revised 5.56 million in April. May sales are 2.7 percent higher than a year ago and at the third highest level for the past year.
Low inventory pushed median sales price up 5.8 percent to $252,800. Prices have increased for 63 straight months with the increase in May setting a new peak median sales price. Sellers can be happy with shorter selling times: 27 days on the market compared to 29 days in April and 32 days a year ago.
