What a difference a month makes as home sales soared in May following April’s flat performance according to RE/MAX’s National Housing Report (NHR) with home sales increasing by nearly 13 percent from the previous month and home prices posting a solid gain, staying above last year’s prices for the fourth consecutive month,
Closed transactions of home purchases increased 12.6 percent from April to May and were 12.8 percent higher than in May 2011, the eleventh consecutive month home sales have increased year-over-year.
Forty-eight out of the 53 metro areas in the report posted year-over-year increases in closed transactions, up from 39 metro areas in April. Burlington, VT (+39.3%), Albuquerque, NM (+35.8%), Boston, MA (+29.3%), Chicago, IL (+28.1%), Nashville, TN (+27.1%), and Raleigh-Durham, NC (+25.7%) recorded the highest year-over-year gains in closed transactions in May. In all, 38 metro areas saw double digit increases.
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