» VISIT US ONLINE @ DSNEWS.COM
85
report stated.
Meanwhile, tours by prospective buyers
went way up in May, increasing 18 percent
compared to a year ago, though down slightly
from April's 20 percent. "Two of the funda-
mental drivers of buyer demand are better this
year than last year, yet we still saw retrench-
ment in buyer interest retreat," said Redfin
chief economist Nela Richardson. irty-year
mortgage rates are at three-year lows and the
unemployment rate is down to 4.7 percent
nationally, compared to 5.5 percent last year.
However, steady job growth and low rates are
no match for the drought in available homes
for sale, which stifled buyer demand."
Also according to the report, sale prices are
increasingly exceeding asking prices. Nearly
29 percent of homes sold for more than their
asking prices, up from 26.8 percent last year
and the largest portion recorded since 2013, the
report found.
For houses that did sell, May "was a record
breaker in terms of speed and intensity," the
report stated. Houses in May sold at their fast-
est pace since 2009, with the typical home on
the market for only 15 days last month‒‒two
days faster than last year.
e effects on some areas are actually
stymieing growth in what should be healthy
markets.
In Denver, for example, the typical home
sold in just five days in May, the fastest pace in
the country. However, Redfin reported, this
swift current has created a lackluster market,
due to the extreme scarcity of homes for sale.
"e root of Denver's inventory shortage
this year is that move-up buyers can't move up
because there's nothing for them to buy," said
Redfin agent Michelle Ackerman. "ey're
fearful of selling their homes and having
nowhere to go."
DS News is the only publication in the country
solely dedicated to providing default servicing
professionals with news and content focused
on their industry.
SUBSCRIBE TO THE
LEADER IN DEFAULT
SERVICING NEWS
SUBSCRIBE NOW!
Call 214.525.6700 or connect with us online
at DSNews.com.
North Dakota
was the only state
in May 2016 to
post a year-over-
year increase of
8.8 percent in
its foreclosure
inventory,
according to
CoreLogic.
KNOW THIS
