REALTORMag
Housing shortages propelled the median sales price to a new high in May, the National Association of REALTORS® reported Wednesday. But that did not appear to spook home buyers as demand remained high. The median days on the market dropped to a record low in May as homes sold faster, NAR reports.
Overall, existing-home sales—which include completed transactions for single-family homes, townhomes, condos, and co-ops—rose 1.1 percent month over month in May to a seasonally adjusted annual rate of 5.62 million. Existing-home sales are now 2.7 percent higher than a year ago. Every region of the U.S. except for the Midwest saw an uptick in sales last month.
