Tuesday, 21 November, 2017

US existing home sales unexpectedly rise in May

May US Existing Home Sales Rose 1.1%, Prices Hit Fresh Record High Existing-home sales rebound in May despite record-low supply
Saul Franklin | 24 June, 2017, 01:12

May existing-home sales in the Northeast jumped 6.8 percent to an annual rate of 780,000, and are now 2.6 percent above a year ago. Mortgage rates also remain favorable by historical standards.

"Those able to close on a home last month are probably feeling both happy and relieved", Yun said. Homes are coming off the market at an extremely fast pace and the prevalence of multiple offers in some markets are pushing prices higher.

Last month the median U.S. existing home price for all to housing types was $258,800 up from last June's high of $247,600.

The median price for a condo in the city was $331,000 last month, up 2.3 percent from May of 2016, a report released Thursday said. The single-family home median sales price during May was $260,000, a 4 percent increase from the $249,900 level one year earlier.

"It is a very fast-moving market, meaning that homes placed on the market are being picked up very fast by buyers", Lawrence Yun, the National Association of Realtors' chief economist, said at a news briefing in Washington.

The Realtors called the pace of price appreciation "unsustainable" and noted that "some would-be buyers are having to delay or postpone their home search" because of low supply. Short sales were on the market for 94 days, foreclosures sold in 48 days and non-distressed homes sold in 27 days.

The Android Market will finally die on June 30
From June 30, 2017, users having Android 2.1 and below will no longer be able to access or install apps from the Android Market. In fact, the version of the app store that is carried on the old mobile devices is said to be the pre-Google Play.

Los Angeles County deputies fatally shoot male suspect
We will update this story with more information as it becomes available following the Sheriff's Department's investigation. As deputies approached the home a pit bull charged at them and bit one of them in the left knee, authorities said.

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"Right now we're in a true seller's market", said Mark Trenka, owner of Century 21 Trenka Real Estate in Denver. The average commitment rate for all of 2016 was 3.65 percent.

Buyers closed on 2,702 existing single-family homes and condominiums in May in Sarasota, Manatee and Charlotte counties, 149 more than the year before, according to data released Wednesday by the Florida Realtors trade group.

The biggest problem is well-established: there's a growing shortage of homes on the market, driven by a confluence of factors: a steep drop-off in new-home construction; less mobility among older homeowners opting to stay put rather than sell; high employment and low mortgage rates; and a competitive environment that's driving up prices.

Residential property sales in the USA rebounded last month following a fall in April, helping to drive up prices in the process, the latest figures show. That was up 1.1% from a downwardly-revised April sales pace, and beat economists' expectations of a 5.51 million pace.

The news was just as good in the condo-townhouse market, with year-over-year prices jumping 11.7 percent in Manatee County to $186,250, and 3.1 percent in Sarasota to $255,700. A month ago, the average time was 29 days, and a year ago, the average time was 32 days.

Midwest fell 5.9 percent to 1.28 million, with a median price of $203,900.

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