May sees rising median sale prices, but lower volume

* Information From Long and Foster Real Estate, Inc.

May sees rising median sale prices, but lower volume

Homes continue to move off the market quickly

Summer is fast approaching, yet across the Mid-Atlantic, the spring-selling season has yet to fully peak. While median sale prices rose last month, the number of sales declined when compared to May 2013. However, homes are selling quicker than this time last year and inventory is increasing, according to our May 2014 Market Conditions Report.  At Long & Foster, we kept pace with the market, which meant a decline in our sales volume and units compared to May 2013. Our mortgage, title and insurance companies earned about the same percent of the Long & Foster business as last year.  While the year-over-year comparisons reveal declines in the market, those figures don't tell the whole story. Low interest rates and low inventory drove the growth of 2013, and while the conditions are similar this year, we're seeing more stabilized improvements. Home values in many cities around the country are nearing pre-recession levels, as is inventory. It's a steadying of the market, predicted by both the National Association of Realtors and Mortgage Bankers Association, and I'm confident it will keep the housing industry healthy and well positioned for future growth.  By the Numbers Wrap-up for May 2014    Real Estate: Almost $3 billion in sales volume, a 10 percent decrease from May 2013, for a year-to-date total of almost $12.5 billion Real Estate: 7,927 unit transactions, an 11 percent decrease from May 2013 Property Management: Created 92 new accounts and referred 53 of our current accounts to Long & Foster Real Estate sales agents for potential sales listing in the month of May Rental Service Center: Processed 1,698 applications and paid 1,214 rental cases, which includes placing a tenant, ratifying the lease and paying the leasing commission Mortgage: 489 customers served, earning close to 22 percent of Long & Foster business Title: 1,288 customers served, earning nearly 46 percent of Long & Foster business Insurance: 326 new policies issued, earning almost 12 percent of Long & Foster business