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Tuesday's Tour & Tip
Existing home sales crossed the 7 million mark for only the third time. The 7.13 million unit sales (single family plus condos and coops) are a 0.7% decline from the record set in the prior month.
- Mortgage rates continued to remain near generational lows at under 6% for most of May. At the same time, jobs are being created at a decent pace (near 2 million in the past 12 months).
- Strong demand is continuing to push home prices. The median price rose 12.5% from a year ago period. The national median home price stood at $207,000.
- The price gain was the strongest in the West, where price rose by 19%. It reflects the exceptionally strong conditions in the California market as well the Las Vegas metro region. The South region posted the smallest increase of 8%.
- The inventory of homes for sale rose by close to 70,000 to 2.545 million. Months supply based on the current sales pace is at 4.3 months, which is near historic lows, attesting to the fact of limited supply of homes in the market.
- Condo home price rose by 15.2%, easily eclipsing single-family home price gain of 12.2%.
- Homes have provided a nice wealth cushion to nation’s homeowners. Home prices are in no danger of falling. Nationally, prices are projected to rise by 9% for all of 2005. That translates into almost $16,000 in housing wealth gain for a typical homeowner.
FOR QUESTIONS CONCERNING THIS WEEK'S FEATURED PROPERTY,
OR ANY OTHER INFORMATION CONTAINED IN THIS COMMUNICATION,
PLEASE EMAIL CHRISSY@CASTLESBYCHRISSY.COM
OR CALL CHRISSY AT 404.925.5335
FIRST ATLANTA
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