Home sales in May were the highest of any May since 2008, and has been a very successful spring with a four-month trend in upward sales. May’s sales were 8.9% higher compared to last month and 3.5% higher compared to the previous May. Home prices also rose in May from the previous year by 7.8% and the market continues to have a balance between buyers and sellers. The average days on market for the Month of May was 64 which is 7 days less compared to April and 2 days less from May 2014. We are seeing a similar trend here in our local market.
“Many positive factors are contributing to a strong housing market this year. Job growth and wages are slowly improving, while rents are increasing rapidly and mortgages are becoming much more accessible. When these factors are coupled with continuing low interest rates, the result is a growing number of consumers with the confidence to buy or sell a home.”
Dave Liniger,RE/MAX,LLCCEO,Chairman andCo-Founder