Existing home sales rose 2.4% in May to a seasonally adjusted rate of 4.77 million, from a downwardly revised pace of 4.66 million in April according to the National Association of Realtors®. The median sales price nationally was pulled down to $173,000 by the fact that 1 out of every 3 sales was a foreclosure or distressed sale. However, housing inventory continues to decline as the number of unsold homes listed for sale decreased to 3.5% to 3.8 million signifying a 9.6 month supply at the current sales pace. This is generally good news for home sellers with the caveat that proper pricing has become more important than ever. For more information on pricing your home to sell, visit www.bloomkey.com.
