June 28, 2005
LOS ANGELES -- Recently the National Association of Realtors, or N.A.R.
released a report indicating that May's existing home sales volume trailed
the previous record. The gain in home purchase interest was likely fueled by
the onset of declining
interest rates.
When combined, total sales for single family residences
(SFR), condominiums and co-ops were 3.5% higher than one year prior. The
record for seasonally adjusted volume was set in April when the adjusted
annual rate was 7.18 million. In May, the adjusted annual rate chomped at the
heels of April's record with the adjusted annual rate landing at 7.13
million.
Mortgage industry giant Freddie Mac said that the average
commitment rate nationally for
fixed interest rate 30-year conventional
home loans was
5.72 percent in May. April's numbers totaled 5.86.
All housing bubble fears aside, the marketplace appears
health, and wealthy at the same time. The median price for residential homes
on a national level was $207,000 in May, up 12.5% from $184,000 seen back in
May of 2004.
- Article by
Nolan Voight for CMR Original Syndicated News.
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