Spring Sales: Median Home Sale Prices Rise in May, Up 5.7%
Prices Continue Climb, Sales Slow by 9.8% Y-O-Y
Real Estate Market Commentary for May 2019:
At this point in the year, we are getting a good sense for how the housing - 9.8% market is likely to perform for the foreseeable future. And although it is not a particularly exciting forecast, it is a desirable one. Markets across the country are regulating toward a middle ground between buyers and sellers. While it remains true that sales prices are running higher and that inventory options are relatively low, buyers are beginning to find wiggle room at some price points and geographies.
Closed Sales increased 0.2 percent for Residential homes but decreased 2.2 percent for Condo homes. Pending Sales increased 2.5 percent for Residential homes but decreased 2.7 percent for Condo homes. Inventory decreased 11.0 percent for Residential homes but increased 1.4 percent for Condo homes.
The Median Sales Price increased 3.9 percent to $187,000 for Residential homes and 8.3 percent to $174,900 for Condo homes. Days on Market increased 8.1 percent for Residential homes and 9.7 percent for Condo homes. Months Supply of Inventory decreased 12.1 percent for Residential homes but increased 4.0 percent for Condo homes.
An extended trend of low unemployment, higher wages and favorable mortgage rates has been a terrific driver of housing stability in recent years. What is different about this year so far is that prices are not rising as quickly. Some of the hottest Western markets are even cooling slightly, while some Northeast markets are achieving a state of recovery after a decade of battling back from recession. As a whole, the selling season is looking fairly stable across the nation.
Single-Family Real Estate Quick Comparisons:
- Across the combined categories of Residential and Condominium, Days on Market increased by 3 days Y-O-Y from 36 to 39.
- May saw an average of 8.3 showings per listing across the entire MLS. This was down M-O-M from 9.1 in April and down Y-O-Y from 9.5 in May 2018.
- 2.6 9% of Residential and Condo On-Market listings are flagged as “lender mediated”. These listings include foreclosures and those marked as short sales. This percentage decreased by .3% M-O-M and is down 1.2% Y-O-Y based on the recalculated percentage for May 2018 which is 3.8%.
May Five (5) Year All-MLS Median Sale Price Trend for Res & Condo Sales
* = Recalculated figures pulled from Realcomp’s MLS statistical database as of 6/05/2019.