Another Record Set...

We just mentioned last week that people are getting tired of living through record setting events. Well, it seems as if that trend is far from over. Much to the chagrin of buyers- and to the delight of sellers- the median home SALES price has hit a new record high. The median price for an existing home rose to a record $407,600, up 14.8% from May 2021.  It is the first time above the $400,000 level… ever. 

According to stats from MarketWatch, this seems to be the only number steadily rising. (Well, except for mortgage interest rates, that is.) Meaning, the market is still all over the place and has yet to recover to its pre-pandemic levels. In May, existing home sales fell 3.4% to a rate of just over 5 million homes. This is down almost 9% compared to May 2021. 

This is the fourth straight month that home sales have fallen while interest rates have risen. 

More Numbers

The number of homes on the market rose 12.6% to 1.16 million units in May. This is still down 4.1% from one year ago.

Not surprisingly, homes are selling lightning fast. The average time on market is only 16 days: the fastest on record. 

Lastly, across the nation last month, 25% of home sales were all-cash transactions; and 27% of homes sold went to first time home buyers. 

The experts are saying that the market is starting to soften a bit, thanks in large part to the recent spike in interest rates. This wild market may yet return to pre-pandemic levels. We’ll just have to wait and see!