The gap between homeowner home value perceptions and appraisal values continued to improve in March, according to the National Home Price Perception Index released by Quicken Loans.The index found
Existing Home Sales Rebound Pushing Median Price To New High
Existing home sales rebounded in May following a weak April with a seasonally-adjusted annual rate of 5.62 million.
The increase reported by the National Association of Realtors was 1.1% above April 2017 and 2.7% higher than May 2017, the third highest annual pace of the past year.
Despite low inventory and high prices, economic factors gave the spring buying season a boost as homebuyer confidence jumped.
"The job market in most of the country is healthy and the recent downward trend in mortgage rates continues to keep buyer interest at a robust level," noted NAR chief economist Lawrence Yun.
The competitive market pushed the nationwide median existing home price to a new record high of $252,800. That’s 5.8% above May 2016 and beats the previous median peak of $247,600 last June.
"Home prices keep chugging along at a pace that is not sustainable in the long run," added Yun. "Current demand levels indicate sales should be stronger, but it's clear some would-be buyers are having to delay or postpone their home search because low supply is leading to worsening affordability conditions."
There was an increase in inventory in May, up 2.1% month-over-month to 1.96 million existing homes, but this was more than 8% below a year ago and represents 4.2 months of supply.
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By Liz Dominguez Spring is here, and, with it, a busy home-buying and -selling season. While real estate markets can vary widely by region, housing is currently seeing similar developments