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Last updated on September 8th, 2021 at 03:22 pm
Showing a good sign for home shoppers contending with a competitive housing market the U.S. median home price saw a double-digit appreciation in May.
According to Realtor.com’s Monthly Housing trends Report, this rate growth moderated for the second time in 13 months.
There is less than half the total number of homes for sale and they are now are selling 32 days faster than 2020 and 18 days faster than 2017-2019.
As the housing market stalled during April and May of the pandemic, it exaggerates many of the year-over-year comparisons.
Fierce competition is faced by homebuyers who are wanting to lock in the low mortgage rates with fewer homes for sale said Realtor.com® Chief Economist Danielle Hale.
Hale, of Realtor.com, said, in May, the largest metros saw lower annual price gains compared to the national rate and some of the largest number of new homes added to the market.
According to Realtor.com data, in April, nationwide, the median list price grew to $380,000, the latest all-time high.
The pace of growth increased to 17.2% year-over-year in April but in May it slowed to 15.2% year-over-year.
Compared to 2020 the active listing prices in the nation’s largest metros grew by an average of 7.4% in May.
Among the 50 largest U.S. metros, Austin, Texas, Riverside, Calif., and Las Vegas saw the largest increases.
Nationally the total listing of unsold homes dropped to 20.8% from the same time last year, while active listings were more than half of last year’s levels. And compared to 2020 the new listings grew 5.4%.
Even when more sellers are entering the market, there is a shortage of 522,000 homes for sale in May.
sellers added 23.3% fewer newly listed homes in May this year compared to the typical rate seen in May from 2017 to 2019.
The 50 largest metros in the U.S.A gained 12.4% new listings compared to May 2020, over twice the average national rate.
Many of the metros that saw the largest gains were cities that faced the brunt of the pandemic first like Buffalo, N.Y., Philadelphia, and Washington, D.C.
With less than half the inventory of homes for sale in 2020, there is pressure on prospective homeowners to hurry up as the average time on the market in May reached a new low of 39 days.
Compared to 2017 to 2019 the homes sold 19 days faster on average in May.
Reference Source: Pr Newswire
