Homes sales, prices increase in May

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May home sales and prices were up from a year ago in Kent and New Castle counties.
Figures from the Trend multiple listing service showed the average sales price in New Castle County heading toward $220,000, with Kent seeing prices rising above $200,000.
Screen Shot 2016-06-10 at 1.38.32 PMThe average number of days homes were on the market fell by more than a week in New Castle County to 24.5 days, or less than half the figure for Kent County.
The sharp reduction in the number of days homes are on the market could lead to higher prices and perhaps encourage more owners to
Real estate brokers are beginning to take note of a lack of listings, the one exception being the $600,000-plus  range and up in some areas.
Trend’s market area includes the Philadelphia area and suburban areas, as well as Kent and New Castle County.
Sussex County, DE and Cecil County, MD are covered by other multiple listing services.
Sussex, which had been the hottest area for home sales for a long period, has seen a slowdown, perhaps a reflection of lower inventories in some price ranges.
Figures for other counties are expected to be released later in the month.
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