Existing Homes Sales Slightly Up in May, Prices Increase

Sales of existing single-family homes in Leon county increased in May by 1.7% when compared to numbers sold in the same month one year ago. There were 343 single-family home resales in May 2017 and 349 resales in May 2018. Last month there were 253 existing single-family homes sold.

The average sales price in May 2018 increased 3.3% to $270,846 from $262,201 one year ago.

Annual trends show that single-family home sales increase to an annual rate of 3,167 in May, slightly up from the 3,161 reported last month. The annual rate of sales is now 1.2% above the annual rate of 3,128 sales reported a year ago.

The National Association of Realtors reported that single-family home sales declined 0.6 percent to a seasonally adjusted annual rate of 4.81 million in May from 4.84 million in April, and are 3.0 percent below the 4.96 million sales pace a year ago. The median existing single-family home price was $267,500 in May, up 5.2 percent from May 2017.

Existing-home sales in the South inched backward 0.4 percent to an annual rate of 2.32 million in May, and are unchanged from a year ago. The median price in the South was $233,100, up 4.5 percent from a year ago.

Lawrence Yun, NAR chief economist, says a solid economy and job market should be generating a much stronger sales pace than what has been seen so far this year. “Closings were down in a majority of the country last month and declined on an annual basis in each major region,” he said. “Incredibly low supply continues to be the primary impediment to more sales, but there’s no question the combination of higher prices and mortgage rates are pinching the budgets of prospective buyers, and ultimately keeping some from reaching the market.”

The chart below shows the annual rate of single family sales in Leon county over the last 24 months

The average price of homes sold over the last twelve months in Leon county was $247,875. This is 7.2% above the $231,234 sales price reported one year ago.

The average sales price chart below shows the 12-month and 3-month average sales price of single-family homes in Leon county over the last two years.

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