Home equity in the first quarter rose to $6.7 trillion, the highest level since 2008, as homeowners taking advantage of record-low borrowing costs to refinance their loans brought cash to the table to pay down principal. The 7.3 percent gain was the biggest jump in more than 60 years, according to an analysis by Bloomberg of Federal Reserve data.
Market Update
The May housing market continued to be strong regionally as Closed sales in May 2012 exceeded May 2011 by more than 15%. Pending sales in May 2012 also showed strong, coming in at 14% above last May.
Find out what's happening in Limerick-Royersford-Spring Cityfor free with the latest updates from Patch.
Market History
705 units settled in Montgomery County in May 2012, up 25.4% compared to May 2011. Going just as strong are the 798 units that went pending, an increase of 16.7% over the same time frame.
Find out what's happening in Limerick-Royersford-Spring Cityfor free with the latest updates from Patch.
Single-Family
May '11
May '12
Inventory
5,543
4,737
Settled Units
562
705
Median Price
$262,000
$260,000
Stl Price/Orig Price
92.4%
92.6%
Year-to-Date Market Snapshot
Through May 2012, Montgomery County has settled 2,503 units at an average price of $302,000.
Single-Family YTD
May '11
May '12
Settled Units
2,141
2,503
Average Price
$304,000
$302,000
Median Price
$252,000
$248,000
Stl Price/Orig Price
90.6%
90.9%
Source: TreNd and Bloomberg
