June 17, 2011
Home sales and prices were both nearly the same as April in the May 2011 RE/MAX National Housing Report when compared to the same time last year. The month-to-month price change has seen a three month trend to the upside, up 3.7% in May, with closed transactions rising 3.3% higher in May over April. Monthly increases could suggest that the market hit bottom just after the first of the year. Positive month-to-month data point to an improving, though uneven, market recovery. Financing requirements, poor appraisals, unemployment and uncertainty now seem to be holding the market back.
“Home sales activity appears to be coming back in line with the seasonal trends we would expect to see this time of year,” says RE/MAX CEO Margaret Kelly. “It’s a very good sign that prices are starting to rise on a monthly basis. This may indicate that we’ve turned the corner and are headed in a positive direction.”