Local and national reports for last month’s home sales are pending from the realtor associations, but early numbers from Redfin show that the already slow market got much slower in May. According to Redfin, home sales fell 1.7 percent month-over-month in May and dropped 2.9 percent from a year earlier.
There have been just two months in the past decade with fewer home sales: October 2023, and May 2020. What to know what’s not falling? Home prices!
The median U.S. home sale price hit a record high in May. The median home sale price rose 5.1 percent annually last month to a record $439,716.
“Buyers today are facing many of the realities of a hot market even though few homes are changing hands,” said Redfin Senior Economist Elijah de la Campa. “Sales are sluggish because high homebuying costs are making both house hunters and prospective sellers skittish. And with so few homes for sale, buyers in some markets are getting into bidding wars, which is helping push home prices to record highs.”
And while demand continued to outpace supply, Redfin did note that nearly one in five homes for sale in May had a price cut, up from 13.2 percent a year earlier and just shy of the 21.7 percent record high set in October 2022. The typical home for sale in May spent 32 days on the market.
Be the first one to reply
Your Reply