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Report: Homes sold quickly in May

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“Even with low inventory and the Federal Reserve raising interest rates, homes are going from 'for sale' to 'sold' 28 percent faster than three years ago,” RE/MAX CEO Adam Contos said.
“Even with low inventory and the Federal Reserve raising interest rates, homes are going from 'for sale' to 'sold' 28 percent faster than three years ago,” RE/MAX CEO Adam Contos said. - ()

Homes sold faster in May than at virtually any other time in the past decade, despite an uptick in median sales price.

A RE/MAX National Housing Report shows the median sales price in May was $251,673, up by 7.8 percent, while low inventory and high demand cut Days on Market to 46, the second-lowest monthly number in the nearly 10-year history of the report. Sixteen of 54 metro areas surveyed experienced an increase in year-over-year sales, including Trenton.

“Even with low inventory and the Federal Reserve raising interest rates, homes are going from ‘for sale’ to ‘sold’ 28 percent faster than three years ago,” RE/MAX CEO Adam Contos said. “Be prepared — that's my message to potential homebuyers in this summer selling season.”

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Elana Knopp

Elana Knopp


Elana Knopp covers all things real estate for NJBIZ. You can contact her at eknopp@njbiz.com.

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