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Market News
REAL Trends Housing Market Report – May 2011
May sales show surprising strength. Annualized rate of home sales increases from
4.730 million in April 2011 to 4.860 million in May 2011. Average prices of homes
sold increased 1.5 percent from April 2011 to May 2011. The REAL Trends Housing Market
Report showed that the combination of new and existing home sales in May 2011 increased
from 4.730 million to 4.860 million despite unfavorable news in general economy.
On a year over year basis May 2011 home sales declined 8.6 percent compared to May
2010 rate of 5.318 million.
The average price of homes sold continued to increase in May 2011 with a 1.5 percent increase measured on a year over year basis. This follows an increase of 1.2 percent in average home sales price in March of 2011 over the same period the year before and represents three consecutive months of increases in the average prices of homes sold. See the REAL Trends May/April Housing Market Report Chart on the Following Page
Housing unit sales for May 2011 were down 14.0 percent in the Midwest followed by
a decrease of 9.7 percent in the Northeast. The South had the best performance where
housing unit sales were down only 4.6 percent from May 2010. Average prices of homes
sold in May 2011 increased 1.5 percent across the country. The Northeast had the
largest increase with the average price up 3.1 percent followed by a 2.0 percent
increase in the West. Both the Midwest and the South regions saw increases in the
average prices of homes sold.
“The May 2011 REAL Trends Housing Report shows that housing sales show surprising strength considering the tough economic climate and comparisons to year ago sales that were significantly boosted by the 2010 tax credit program. A significant part of the decline as measured on a year over year basis is due to the Federal tax credit which significantly raised housing sales in the March through June period of 2010,” said Steve Murray, editor of the REAL Trends Housing Market Report. “The fact that the actual average price of home sales has now increased two months in a row, despite numerous analytic reports to the contrary is another bright spot in a housing market that seems to have found the bottom.”
