Early Reports: May Real Estate Market is Hot

Early reports are just starting to come in for May real estate sales, and it’s already starting to look like a blockbuster sales month.

Double-digit sales gains have been reported so far in:

1) Seattle by 23% vs. last year (“The most dramatic we’ve seen in at least five years. While home sales have been on the rise for months, the previous gains in homes prices had been minor. May’s real estate statistics have solidified the trend and pushed it into overdrive.”),

2) Pittsburgh by 20%,

3) Albuquerque by 29%,

4) the Denver-area by 24%,

5) the Memphis area by 25%,

6) Chicago by 19.2%,

7) Nashville by 28.5% and

8) Boston by 28%.

And land sales in the Las Vegas Valley hit a two-year high in the first quarter with $40.3 million in total sales volume, a 38 percent increase from $29.1 million in the year-ago quarter.

It’s starting to look like there might actually be a housing recovery underway; we’re certainly past the bottom of the market.

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About Mark J. Perry 262 Articles

Affiliation: University of Michigan

Dr. Mark J. Perry is a professor of economics and finance in the School of Management at the Flint campus of the University of Michigan.

He holds two graduate degrees in economics (M.A. and Ph.D.) from George Mason University in Washington, D.C. and an MBA degree in finance from the Curtis L. Carlson School of Management at the University of Minnesota.

Since 1997, Professor Perry has been a member of the Board of Scholars for the Mackinac Center for Public Policy, a nonpartisan research and public policy institute in Michigan.

Visit: Carpe Diem

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