Eight Best Marketing Practices to Fund New Loans Faster

Join our expert panelists to learn which best marketing practices will help you get to your customer quickly with your best offer – and win their business for another loan term.

engage.marketing event: All eyes on purchase

To help power your business forward, we’re bringing together the smartest minds in purchase mortgage marketing to share the insights, tactics and strategies that set leaders apart.

Home appraisal’s ugly history and uncertain future

This is Part I of a deep dive into the home appraisal industry. Today we explore the origins of the appraisal industry and its current lack of diversity.

2021 Agent Rankings now live

Today RealTrends + Tom Ferry announce the 16th annual The Thousand of America's top 1,000 real estate sales and professionals and teams.

Real Estate

Existing home sales tumble 9.7% to a 9-year low in May

The U.S. median home price rose 2.3% from a year earlier and inventory improved as well

U.S. existing home sales tumbled 9.7% in May to the lowest level since late 2010 as COVID-19 plunged the nation into recession and chilled transactions.

Sales of single-family houses, condominiums and cooperatively owned apartments fell to a seasonally adjusted and annualized pace of 3.91 million last month, the National Association of Realtors said in a Monday report. The decline was a slower pace than the 17.8% drop in April that was the biggest retreat in almost a decade.

The median price in May rose 2.3% from a year earlier to $278,200, the smallest annual gain since February 2012 when the housing market was starting to recover after the Great Recession, NAR said.

Sales in the report are based on deals negotiated in March or April when much of the U.S. economy was shuttered as state governors issued stay-at-home orders to try to stem the spread of COVID-19. May marked the third consecutive monthly decline in sales, NAR said.

Based on an early look at May’s contract signings, known as pending sales, last month likely was the bottom for home sales, said NAR’s Chief Economist Lawrence Yun.

“I am very confident this will be the cyclical low point,” Yun said. “Just looking at the housing sector itself, it looks to be a V-shaped recovery. For the rest of the economy, it may not be a V-shape.”

One bright spot was an increase in the supply of homes for sale. A lack of inventory has plagued the housing market because of years of underbuilding by the nation’s contractors, Yun said.

Inventory in May rose 6.2% from a month earlier to 1.55 million, NAR said, though the supply of homes for sale was down 18.8% from a year ago.

Measured as a month’s supply, meaning the time it would take to sell off the entire stock at the current sales pace, inventory rose to 4.8 months compared with 4.3 months in May 2019, Yun said.

Leave a comment

Most Popular Articles

Mortgage forbearance drops as expiration date nears

Mortgages in forbearance fell for the 15th consecutive week last week to 4.04% of servicers’ portfolio volume ― a 12 basis point decline, according to a survey from the Mortgage Bankers Association.

Jun 14, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please