Numbers of sales continue to rise and the real estate market is getting stronger. The number of existing home sales jumped to their highest level in nearly six years last month, according to the National Association of Realtors. We're finally starting to see some of the strong impact first-time home buyers are having on the market.
The 5.1 percent increase in May brought sales to a seasonally adjusted annual rate of 5.35 million. That’s 9 percent above the pace a year ago. Included in this total are sales of single-family homes, townhomes, condominums and co-ops.
"Solid sales gains were seen throughout the country in May as more homeowners listed their home for sale and therefore provided greater choices for buyers," said NAR Chief Economist Lawrence Yun.
"However, overall supply still remains tight,” he said. “Without solid gains in new home construction, prices will likely stay elevated – even with higher mortgage rates above 4 percent."
In Seattle's Eastside, the median price for a single-family home was $655,000. That's up 6 percent from a year ago.
The number of first-time buyers rose to 32 percent, the highest level since September 2012. That’s an “encouraging sign,” Yun said.
Read the original article on Puget Sound Business Journal.
Are you ready to buy a home and qualify for the VA loan? Let me help you out! As a local real estate broker in Bellevue, WA and a Veteran of foreign wars, I am committed to help you find the home you deserve through the VA loan.