Dataquick is reporting a 6.3% increase in sale prices and a 10.1% increase in sales volume for May versus May 2011. Versus 3 years ago, the median sale price is up 3.3% and volume is up 10.1%. Prices have now exceeded the 2011 peak reached in July and August and sales volume is virtually at the peak level of last August.
Most of these gains are attributable to a very sharp month to month gain in May. From April 26 to May 31 volume rose by 9.1% and the median sale price rose by 3.4%.
The data is for sales closed in May, therefore representing contracts mostly signed in March. Recent information reported by a mortgage industry group suggests some cooling of contract activity over the past month. I will have more in depth analysis in the Professional Edition housing update to be posted this evening.
These numbers are not modeled. They are real sales counts and medians from 98 of the top 100 US metros encompassing 66% of US home sales.
For more on housing values, visit the Home Sales Chart page.
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We may be skating on very thin ice here, but the weight of the evidence still supports a weak bull case for the near to intermediate term. So I’m adding buy picks on the chart pick list and adjusting trailing stops to account for the risk.
These reports are not investment advice. They are for informational purposes, for a broad audience of investment and trading professionals, and other experienced investors and traders. Chart pick performance changes week to week and past performance may not indicate future results, as you know. Trading involves risk, and these reports assume that you understand those risks and manage them according to your tolerance.