Sales of existing single-family homes increased in May when compared to sales in May one year ago.
The SF Home Sales Report, shown below, indicates there were 304 single-family home resales in May. That is a 11.4% increase over the 273 homes sold in May, 2015. The prices for homes sold this May fell significantly from the prices recorded one year ago.
The latest numbers contributed to an increase in the annual rate of sales which came in at 2,958. This is a 1.1% increase over the annual rate reported last month and a 10.6% increase when compared to the annual rate reported one year ago.
Comparing the first five months of this year with January thru May of last year, reports show 1,211 single-family resales in 2015 and 1,099 family resales in 2016. This is a 10.2% increase.
As the chart below shows, the annual rate of sales has increased over the last 12-months from 2,674 to 2,958.
The May report indicates that 12-month average single-family resale prices are trending downward. A a look at the 3-month average shows that sale prices rebounded from a downturn that began in June, 2015 and ended in January of this year, but have recently began to flatten out.
National Assoc. Realtors Regional Breakdown
May existing-home sales in the Northeast increased 4.1 percent to an annual rate of 770,000, and are now 11.6 percent above a year ago. In the Midwest, existing-home sales dropped 6.5 percent to an annual rate of 1.30 million in May, but are still 3.2 percent above May 2015.
Existing-home sales in the South expanded 4.6 percent to an annual rate of 2.28 million in May, and are now 6.5 percent above May 2015. Existing-home sales in the West jumped 5.4 percent to an annual rate of 1.18 million in May, but are still 1.7 percent lower than a year ago.