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surpasses last June ($247,600) as the new peak median sales price, is up 5.8 percent from May 2016 ($238,900) and marks the 63rd straight month of year- over-year gains. Total housing inventory at the end of May rose 2.1 percent to 1.96 million existing homes available for sale, but is still 8.4 percent lower than a year ago (2.14 million) and has fallen year-over-year for 24 consecutive months. Unsold inventory is at a 4.2-month supply at the current sales pace, which is down from 4.7 months a year ago. "Home prices keep chugging along at a pace that is not sustainable in the long run," Yun says. "Current demand levels indicate sales should be stronger, but it's clear some would-be buyers are having to delay or postpone their home search because low supply is leading to worsen- ing affordability conditions." Properties typically stayed on the market for 27 days in May, which is down from 29 days in April and 32 days a year ago; this is the shortest timeframe since NAR began tracking in May 2011. Short sales were on the market the longest at a median of 94 days in May, while foreclo- sures sold in 48 days and nondistressed homes took 27 days. Fifty-five percent of homes sold in May were on the market for less than a month (a new high). According to Freddie Mac, the average commitment rate for a 30-year, conven- tional, fixed-rate mortgage decreased for the second consecutive month, dipping to 4.01 percent in May from 4.05 percent in April. The average commitment rate for all of 2016 was 3.65 percent. First-time buyers were 33 percent of sales in May, which is down from 34 per- cent in April but up from 30 percent a year ago. NAR's 2016 Profile of Home Buyers and Sellers—released in late 2016—re- vealed that the annual share of first-time buyers was 35 percent. Distressed sales—foreclosures and short sales—were 5 percent of sales in May, unchanged from April and down from 6 percent a year ago. Four percent of May sales were foreclosures and 1 percent were short sales. Foreclosures sold for an average discount of 20 percent below market value in May (18 percent in April), while short sales were discounted 16 percent (12 percent in April). | homestaging and/or remodeling—or a valid membership card from a profession- al organization. Houzz arranged preapproval into the Trade Program for members of several industry trade associations, including the National Association of Home Builders, National Association of Remodeling Industry, National Kitchen & Bath Association, American Institute of Architects and more. Featuring more than 8 million products, the Houzz Marketplace offers products ranging from bathtubs and fixtures to furniture and décor. Some of the vendors providing discounts through the Trade Program include Baldwin, Emerson, Feiss, Flos, Safavieh and Swarovski Lighting. Median existing-home sales price climbs to new high Existing-home sales rebounded in May following a notable decline in April, and low inventory levels helped propel the median sales price to a new high while pushing down the median days a home is on the market to a new low, according to the National Association of Realtors. All major regions except for the Midwest saw an increase in sales last month. Total existing-home sales, which are completed transactions that include sin- gle-family homes, townhomes, condo- miniums and co-ops, climbed 1.1 percent to a seasonally adjusted annual rate of 5.62 million in May from a downwardly revised 5.56 million in April. Last month's sales pace is 2.7 percent above a year ago and is the third highest over the past year. Lawrence Yun, NAR chief economist, says sales activity expanded in May as more buyers overcame the increasingly challeng- ing market conditions prevalent in many ar- eas. "The job market in most of the country is healthy and the recent downward trend in mortgage rates continues to keep buyer interest at a robust level," he says. "Those able to close on a home last month are probably feeling both happy and relieved. Listings in the affordable price range are scarce, homes are coming off the market at an extremely fast pace and the prevalence of multiple offers in some markets are pushing prices higher," Yun adds. The median existing-home price for all housing types in May was $252,800. This Houzz introduces trade program for industry professionals The launch of the Houzz Trade Program provides industry professionals with mul- tiple ways to profit from purchasing and/ or recommending products in its Houzz Marketplace. All professionals working in the home improvement industry can apply to the program, and it's free to enroll. Some of the Houzz Trade Program incentives include: ¡ Trade-only discounts up to 50 percent (beyond what a consumer might see) on top brand, European and Houzz exclu- sive products. ¡ Referral bonuses up to 10 percent in credit when clients purchase recom- mended products. ¡ Real-time dashboard to track earnings and redemption options. ¡ Free shipping on most trade-discounted orders more than $49. ¡ A dedicated trade support team to help facilitate and expedite orders. The Houzz Trade Program integrates with existing Houzz tools, including idea- books and Sketch, To apply for the Houzz Trade Program, you can upload business documents—including a business license showing you are a professional in inte- rior design, architecture, homebuilding, Real-time dashboard Ideabook QualifiedRemodeler.com QR July 2017 11