May Home Sales Statistics
According to the National Association of Realtors , existing-home sales remained at elevated levels in May on buyer response to the tax credit, characterized by stabilizing home prices and historically low mortgage interest rates. Gains in the West and South were offset by a decline in the Northeast; the Midwest was steady.
Lawrence Yun, NAR chief economist, said he expects one more month of elevated home sales. "We are witnessing the ongoing effects of the home buyer tax credit, which we'll also see in June real estate closings."
Other statistics of note - another NAR survey showed first-time buyers purchased 46% of homes in May, down from 49% in April. Investors accounted for 14% of transactions in May compared with 15% in April; the remaining sales were to repeat buyers. All-cash sales were at 25% in May, down from a 26% share in April.
Existing-home sales in the West rose 4.9 percent to an annual rate of 1.29 million in May and are 15.2 percent higher than May 2009. The median price in the West was $221,300, up 7.4 percent from a year ago.
For details on our Hawaii Kai real estate market, email or call for sales information on any Hawaii Kai community.
Barbara Abe
808-226-2537
barbara@barbarashawaii.com
www.movetohawaiikai.com
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www.relocatehawaii.com