Last week the N.A.R., National Association of Realtors, released their report on existing home sales for the month of May. The 1.8% increase to an annual rate of 5.53 million units, was the highest level since February 2007, and sales were up 4.5% from the same period in 2015.
Existing home sales surged 4.1% in the Northeast, 4.6% in the South and 5.4% in the West. The Mid-West was the only natural region to slide… and it fell hard with a loss of 6.5%. Ratios of inventory to demand jumped around this year.
In the Hamptons and North Fork we expect the second quarter report, which will be released mid-July, to be a bit soft. Click here to view all market reports.
Real Estate sales are closely watched by those in the financial world, due to the jobs created with every new home built and the increase in ancillary services whenever a new buyer turns the key to their new home.
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