Yeah Baby, Home Sales Get a 'Slight' Shag-Up! (But Mortgage Rates Still a Buzzkill)

A Modest Proposal (For Home Sales That Is!)

Alright shaguar fans Austin Powers here your international man of mystery and now apparently a real estate guru! Word on the street (or should I say the groovy pad?) is that pre owned home sales had a teeny tiny little *nudge nudge wink wink* increase in May. We're talking a whopping 0.8% from April which in my book is better than a kick in the teeth with a steel toed Dr. Evil boot! Analysts were expecting a *decline* can you believe it? They must be living under a rock...a very un groovy shag less rock!

Naughty Mortgage Rates!

But hold your horses baby! Before you start picturing yourself in a Union Jack painted bungalow those pesky mortgage rates are still playing hard to get. They're higher than my hair in 1967! Lawrence Yun some NAR dude says these high rates are cramping everyone's style. He's hoping they'll drop in the second half of the year which would be just the ticket to get everyone back to buying and selling like horny devils. Yeah baby!

Location Location LO friggin CATION!

Now geography baby! The Northeast is apparently the hot spot jumping up 4.2%. The Midwest and South were also doing the bump and grind. But the West? Oh behave! Sales there took a nosedive down 5.4%. Turns out the West is more expensive than my dental bills after battling Dr. Evil. Yikes!

Supply's the Word!

A ha! The real kicker! It seems there's been a jump in the number of homes for sale. A 20% increase! That's like finding a whole box of my mojo in the back of the fridge! More homes more choices baby! But even with this increase we're still a bit short on supply. It's like trying to find a decent tailor who can handle my velvet suits. A challenge I tell you!

Show Me the Money (Honey!)

Of course all this buying and selling has got a price. The median price of a previously owned love shack is $422,800. Which is actually a record high for May! Demand is still stronger than my sex appeal (ahem!) so some folks are paying more than the asking price. But guess what? First time buyers are dropping like flies. Probably scared off by those damn mortgage rates.

Closing Thoughts (and Maybe a Scotch)

So there you have it folks! The housing market is a bit like a shagging competition – some ups some downs and a whole lotta groovy vibes. Keep an eye on those mortgage rates and who knows? Maybe you'll find your own swinging bachelor pad before you can say 'Yeah baby!' Austin Powers signing off! Groovy!