As of late June, it was found that home sales have had a steady decline for the past four months straight in May. It seems that the amount of home sales are starting to match up to how the market was pre-pandemic. The fall is accredited to low inventory and high prices, deferring younger buyers. It is expected, however, that amount of homes for sale will begin to increase again during the summer season.
“The median existing home price for all housing types was $350,300, up 23.6% from May 2020 ($283,500), as every region registered price increases. This is a record high and marks 111 straight months of year-over-year gains since March 2012.”
In May, properties remained on the market for about 17 days, faster than 26 days in May 2020. 31% of the sales in May were due to first time homebuyers, and 17% were investors or second-home buyers. Vacation homes have definitely grown more desirable during the pandemic, especially for those working from home.
The purchasing of co-op homes and condos surpassed single family homes. Read our article on multi-gen homes here.
The Midwest region has had most successful sales this past month, rising 1.6% a rate of 1,310,000 which is a 27.2% increase from last May. The Northeast decreased 1.4% but is still a 46.9% increase from May of last year. In the South, sales dropped 0.4%, but have an overall 18.1% increase from last year. And lastly, in the West, sales dropped 4.1% but in the one year time span, have grown 61.6%.
Information from: https://www.nar.realtor/newsroom/existing-home-sales-experience-slight-skid-of-0-9-in-may
Based from Zillow on May 31st, these cities are the top 20 metro locations median listing price.
Region in Ranking Order
Median Listing Price as of May 31, 2021
|San Jose, CA||$1,266,667|
|Los Angeles-Long Beach-Anaheim, CA||$1,000,242|
|San Francisco, CA||$993,667|
|San Diego, CA||$856,333|
|New York, NY||$668,300|
|Boise City, ID||$531,327|
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