Existing Home Sales Rise to Pre-Recession Level

Existing home sales, as reported by the National Association of Realtors, increased in June to the highest level since February 2007. Although the June percent share of first-time buyers declined from May to 30%, that share remained at or above 30% for the fourth consecutive month. Total existing home sales increased by 3.2% in June to a seasonally adjusted rate of 5.49 million units combined for single-family homes, townhomes, condominiums and co-ops, up from a downwardly revised 5.32 million units in May. Junel existing sales were up 9.6% from the same period a year ago, and have increased year-over-year for nine consecutive months.

Existing sales increased in all regions, ranging from 4.7% in the Midwest to 2.3% in the South. Year-over-year, all four regions also increased, ranging from 12.7% in the Midwest to 7.3% in the South.
Total housing inventory in June increased by 0.9% from May, and is very slightly above its level a year ago. At the current sales rate, the June unsold inventory represents a 5.0-month supply, lower than the 5.1-month and 5.3-month supply the previous two months. Some 47% of existing homes in June were on the market for less than a month, the highest share since June 2013.
The distressed sales share decreased to 8% from 10% in May, and are well below the 11% share during the same month a year ago. Distressed sales are defined as foreclosures and short sales sold at deep discounts. June all cash sales fell to 22%, matching the lowest share since December 2009. Individual investors purchased a 12 share of homes in June, down from 16% during June of 2014. The accelerating withdrawal of cash investors will create more opportunity for first-time buyers.
The June median sales price of $236,400 was 6.5% above the same month a year ago, represented the 40th consecutive month of year-over-year price increases, and surpassed the peak median sales price set in July 2006. The median condominium/co-op price increased to $226,500 in June, and was up 5.5% from the same month a year ago.
The Pending Home Sales Index increased for the fifth consecutive month in May. The continued increase in existing sales is expected to increase throughout the year, as first-time buyers return to the market.

Article courtesy of NAHB's Eye on Housing 

Jacqueline Jo Dey

Jacqueline Jo Dey passed away on July 20, 2015, at her home in Dawsonville, GA, surrounded by her family.  She was 74.

She is survived by her husband of 53 years, Jerry Dey of Dawsonville, GA.  She is also survived by her four children, Michael Dey and his wife, Karen, of Greenville and Columbia, SC; Mark Dey and his wife, Lisa, of Rock Hill, SC; Michelle Hughes, of Orangeburg, SC; and Susan Koblasz and her husband, Jim, of Cumming, GA.  She also is  survived by her seven grandchildren, Patrick Dey of Denver, CO; Stacey Dey of West Columbia, SC; Bradley Dey and his wife, Miranda, of Greer, SC; Christopher Hughes of Newberry, SC; Cameron Dey of Rock Hill SC; Erin Koblasz of Cumming, GA; and Katie Koblasz of Cumming, GA.  She is further survived by one great grandchild, Linden Dey of Greer, SC.  She was preceded in death by her parents, Jack and Mildred Childers, her sister, Gerri Jean Rubino, and her brother, Ricky Keith Childers.  

Known to family and friends as Jackie, she was a native of Virgie, KY.  She graduated from Roseville High School in Roseville, MI.  A professional lab technician, Jackie devoted her career to the care of others, but devoted her life to her family and friends.  Jackie cherished family trips to Edisto Beach, SC, and her home state of Kentucky.

In lieu of flowers, the family requests donations be made to the Alzheimer’s Association of Georgia or Good Shepherd Catholic Church, Cumming, GA.

Jackie's son, Michael Dey, is the Executive Officer of the Home Builders Association of Greenville. On behalf of the HBA members and staff we send our sincerest condolences to Michael and his family.  

Update: A memorial service will be held on Thursday, July 23rd at 11am at The Catholic Church of the Good Shepherd in Cumming GA.