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Showing posts from June 22, 2014

The Real Estate market is heating up! Inventory is on the rise.

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May 2014 was a spectacular month for the real estate market throughout the nation. If you don’t feel like the market is recovering, here are some facts for you to consider. 1.     Total existing home sales , including completed transactions such as single-family homes, townhomes, and condominiums, grew 4.9% to an annual rate of 4.89 million in May 2014. This gain is the highest increase since August 2011. Higher sales volume is a great sign for the market as buyers are being more confident. According to National Association of Realtors (NAR) chief economist, Lawrence Yun, “home buyers are benefiting from slower price growth due to the much needed, rising inventory levels. Moreover, sales were helped by the improving job market and the temporary but slight decline in mortgage rates.” 2.    Total housing inventory in May increased by 2.2% and reached a total number of 2.28 million existing home available for sale. The number of homes represents a 5.6 month supply at the curr