The past few months may not have been exceptionally enjoyable for real estate agents across the country. Conditions during the winter were tough, with few buyers entering the market and little interest among existing homeowners to sell. However, these conditions have started to reverse, and recent statistics are positive.
According to the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, new single-family home sales reached a seasonally adjusted annual rate of 504,000 this May. That rate is more than 18 percent higher on a monthly basis, and is also nearly 17 percent above May 2013's estimate. In addition to sales, the average sales price this past month was $319,200.
In a recent statement, National Association of Home Builders' chief economist David Crowe said that these statistics are good news following the rough start to 2014.
"These numbers are in line with our recent builder surveys, which indicate that more consumers are getting off the fence and coming back into the marketplace," said Kevin Kelly, chairman of the NAHB.
Home prices climb, but rate slows
While rising home sales are certainly a good sign for real estate agents, property values are also on the way up. The S&P/Case-Shiller Home Price Indices found that U.S. home prices ticked up 10.8 percent on a yearly basis. While this is still a gain, the rate of improvement is below that experienced in 2013.
"Overall, prices are rising month-to-month but at a slower rate," said David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices. "Last year some Sunbelt cities were seeing year-over-year numbers close to 30 percent, now all are below 20 percent: Las Vegas (18.8 percent), Los Angeles (14.0 percent), Phoenix (9.8 percent), San Diego (15.3 percent) and San Francisco (18.2 percent). Other cities around the nation are also experiencing slower price increases."
These changes around the country may be valuable to many people looking for a new home. For real estate agents tasked with helping them, access to information is vital. With CRS Data, it is easier than ever before to acquire mortgage records, property data and much more.