Traditional sales increase market share
By Greg Sax on Wednesday, June 10th, 2009
Monthly news release time. This is what we had to say today…
Traditional, non-lender-mediated homes increased their market share in May. The number of traditional home sales is growing. Only 43.0 percent of the pending sales in May were lender-mediated, compared to 59.4 percent in January.
This decrease in lender-mediated market share brought the overall median price up $12,000 from last month to $165,000 in May. Despite the month-over-month increase, that's still a 19.5 percent drop from May 2008. The median May sales price of traditional homes was $214,000, down 4.3 percent from a year ago. Lender-mediated homes posted a May figure of $122,000, down 20.8 percent from a year ago.
There were 5,183 signed purchase agreements in May, up 17.3 percent from this time last year, marking the 11th consecutive month of year-over-year increases.
The number of properties for sale at the end of May was 26,674, down 19.0 percent from this time last year. That amounts to 7.6 months of supply available, down 26.9 percent from this time last year and trending back towards a balanced market of 5 to 6 months of supply. However, there are 9.9 months of traditional supply and only 5.0 months of lender-mediated supply.
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