What's Hot: The 4 Projects in the Works Near DC's Starburst Intersection | A 153-Room Aloft Hotel Pitched For Mt. Vernon Triangle
Pending Home Sales Jump 6.1 Percent in May
A DC home that went under contract in May.
Pending home sales rose 6.1 percent in May thanks to lower mortgage rates and increased inventory, the National Association of Realtors announced on Monday. It was the largest month-over-month gain since April 2010.
While pending sales rose between April and May, the sales volume still fell 5.2 percent below 2013 levels. That’s thanks in part to issues facing first-time homebuyers, who are struggling to qualify for mortgages due to debt burdens and poor credit, according to NAR economist, Lawrence Yun. The market probably won’t recover enough in the second half of the year to make up for the poor start and outpace 2013, Yun said in a statement.
“The flourishing stock market the last few years has propelled sales in the higher price brackets, while sales for homes under $250,000 are 10 percent behind last year’s pace. Meanwhile, apartment rents are expected to rise 8 percent cumulatively over the next two years because of tight availability. Solid income growth and a slight easing in underwriting standards are needed to encourage first-time buyer participation, especially as renting becomes less affordable.”
Pending home sales jumped the most in the northeast, which nearly recovered to last year’s sales figure. The West was worst off, with pending sales that also rose sharply but were 11.1 percent below last year’s.
See other articles related to: home sales, national association of realtors, pending home sales
This article originally published at https://dc.urbanturf.com/articles/blog/pending_home_sales_jump_6.1_percent_in_may_but_are_still_down_year-over-yea/8678.
Most Popular... This Week • Last 30 Days • Ever
In this article, UrbanTurf looks at the estimated annual maintenance costs associated... read »
Another concept has been unveiled for one of DC's most contentious development sites,... read »
The residential development in the works along Florida Avenue NE is looking to increa... read »
Renter demand has continued to push Class A apartment rents in the DC region up this ... read »
The big news in the development pipeline east of DC's H Street Corridor is the resur... read »
- What Are the Annual Maintenance Costs When You Own a Home?
- A First Look At The New Plans For Adams Morgan's SunTrust Plaza
- 46 to 48: The Biggest Project In Trinidad Looks To Get Bigger
- How Much Did DC-Area Rents Rise At The Beginning of 2024?
- The 4 Projects In The Works Near DC's Starburst Intersection
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro