SANTA CLARA, Calif.,
June 3, 2021 /PRNewswire/ -- The U.S.
median home price continued its double-digit appreciation in May
reaching a new an all-time high of $380,000, but in a good sign for home shoppers
contending with a competitive housing market, the rate of price
growth moderated for the second time in 13 months,1
according to the Realtor.com® Monthly Housing Trends
Report released today.
In what is looking more like a typical home-buying season,
sellers continued to come to the market in May with new listings up
5.4% year-over-year. However, with less than half the total number
of homes for sale compared to last year, homes are selling 32 days
faster than a year ago and 18 days faster than 2017-2019. It is
important to note that the housing market stalled during the early
days of the pandemic last April and May, exaggerating many of the
year-over-year comparisons. To provide perspective, 2017-2019
comparisons are provided when appropriate.
"Home buyers looking to lock in still low mortgage rates face
fierce competition for fewer homes for sale than last year's
historic pandemic lows, pushing up the typical asking price in May
to an all-time high for the fourth consecutive month," said
Realtor.com® Chief Economist Danielle Hale. "The good news is that price
momentum may be beginning to cool off. While still in the
double-digits, May was the first non-weather related slowing in
price appreciation since April 2020.
And with a normal, summer seasonal peak in home prices expected
this year, we could see growth fall back to a more normal
single-digit pace in the fall."
Hale said Realtor.com®'s May data indicates that
large metros may be leading the national cooldown in price growth
thanks to more new sellers. In May, the largest metros saw lower
annual price gains than the national rate and some of the largest
number of new homes added to the market.
Prices hit all-time high as growth pace slows
Nationally, the median list price grew to $380,000 in April, the latest all-time high seen
according to Realtor.com® data, which dates back to
2012. Although the tenth consecutive month of double-digit price
increases, the pace of growth slowed to 15.2% year-over-year in
May, lower than the 17.2% year-over-year increase reported in
April.
Active listing prices in the nation's largest metros grew by an
average of 7.4% in May compared to last year. Among the 50 largest
U.S. metros, Austin, Texas
(+32.2%), Riverside, Calif.
(+21.5%), and Las Vegas (+18.5%)
saw the largest increases.
Tight inventory even as sellers add new listings
Nationally, the total inventory of unsold homes (including
pending listings) declined 20.8% from May
2020, while active listings were more than half of (-50.9%)
last year's levels. New listings grew 5.4% compared to last year.
Although more sellers are entering the market, there were 522,000
fewer homes actively for sale in May compared to a year ago, when
the market had stalled due to the pandemic. Compared to the typical
rate seen in May from 2017 to 2019, sellers added 23.3% fewer newly
listed homes last month.
The nation's 50 largest metros gained 12.4% new listings
compared to last year in May, over twice the average national rate.
Many of the metros that saw the largest gains were cities that were
impacted by the pandemic first such as Buffalo, N.Y., up 64.3%, Philadelphia (+52.5%) and Washington, D.C.(+48.9%).
Homes sold more than a month faster than last year
With less than half the amount of homes for sale than this time
last year, prospective homeowners are feeling the pressure to move
quickly with average time on market reaching a new low in May at 39
days. This is 32 days faster than last year. Homes sold 19 days
faster on average in May, compared to 2017 to 2019. May home
sales were fastest in Rochester,
N.Y., which saw a median 11 days on market, and Columbus, Ohio (13 days) and Denver (14 days).
May 2021 Housing Overview by
Top 50 Largest Metros
Metro
|
Median
Listing
Price
|
Median
Listing
Price
YoY
|
Active
Listing
Count
YoY
|
New
Listing
Count
YoY
|
Median
Days on
Market
|
Median
Days on
Market
Y-Y (Days)
|
Atlanta-Sandy
Springs-Roswell, Ga.
|
$390,000
|
16.6%
|
-61.6%
|
-5.1%
|
33
|
-23
|
Austin-Round Rock,
Texas
|
$499,000
|
32.2%
|
-69.8%
|
6.6%
|
26
|
-25
|
Baltimore-Columbia-Towson, Md.
|
$350,000
|
2.9%
|
-49.2%
|
25.4%
|
34
|
-23
|
Birmingham-Hoover,
Ala.
|
$279,000
|
3.9%
|
-53.6%
|
-2.0%
|
40
|
-24
|
Boston-Cambridge-Newton, Mass.-N.H.
|
$700,000
|
11.1%
|
-31.5%
|
26.8%
|
22
|
-32
|
Buffalo-Cheektowaga-Niagara Falls, N.Y.
|
$247,000
|
6.5%
|
-34.4%
|
64.3%
|
35
|
-35
|
Charlotte-Concord-Gastonia, N.C.-S.C.
|
$390,000
|
11.4%
|
-62.6%
|
-11.8%
|
28
|
-29
|
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.
|
$355,000
|
7.6%
|
-40.1%
|
8.3%
|
36
|
-23
|
Cincinnati,
Ohio-Ky.-Ind.
|
$365,000
|
12.3%
|
-47.7%
|
-7.2%
|
32
|
-20
|
Cleveland-Elyria,
Ohio
|
$220,000
|
1.8%
|
-39.7%
|
48.1%
|
36
|
-31
|
Columbus,
Ohio
|
$309,000
|
-5.0%
|
-40.3%
|
41.6%
|
13
|
-37
|
Dallas-Fort
Worth-Arlington, Texas
|
$380,000
|
8.6%
|
-68.1%
|
-15.9%
|
31
|
-24
|
Denver-Aurora-Lakewood, Colo.
|
$595,000
|
8.4%
|
-61.9%
|
-4.6%
|
14
|
-27
|
Detroit-Warren-Dearborn, Mich.
|
$280,000
|
11.1%
|
-51.0%
|
2.8%
|
22
|
-45
|
Hartford-West
Hartford-East Hartford, Conn.
|
$310,000
|
5.4%
|
-28.3%
|
15.0%
|
30
|
-31
|
Houston-The
Woodlands-Sugar Land, Texas
|
$360,000
|
12.5%
|
-53.6%
|
-2.4%
|
38
|
-26
|
Indianapolis-Carmel-Anderson, Ind.
|
$275,000
|
-7.8%
|
-55.5%
|
6.9%
|
37
|
-21
|
Jacksonville,
Fla.
|
$349,000
|
9.4%
|
-70.5%
|
-3.8%
|
38
|
-29
|
Kansas City,
Mo.-Kan.
|
$345,000
|
-1.4%
|
-49.6%
|
10.8%
|
40
|
-24
|
Las
Vegas-Henderson-Paradise, Nev.
|
$390,000
|
18.5%
|
-52.3%
|
14.2%
|
24
|
-31
|
Los Angeles-Long
Beach-Anaheim, Calif.
|
$1,049,000
|
14.6%
|
-29.9%
|
17.9%
|
46
|
-21
|
Louisville/Jefferson
County, Ky.-Ind.
|
$275,000
|
-5.1%
|
-51.3%
|
14.0%
|
25
|
-32
|
Memphis,
Tenn.-Miss.-Ark.
|
$237,000
|
-5.2%
|
-52.2%
|
6.0%
|
37
|
-23
|
Miami-Fort
Lauderdale-West Palm Beach, Fla.
|
$426,000
|
7.0%
|
-50.4%
|
12.6%
|
66
|
-39
|
Milwaukee-Waukesha-West Allis, Wis.
|
$315,000
|
-16.0%
|
-47.5%
|
20.7%
|
35
|
-16
|
Minneapolis-St.
Paul-Bloomington, Minn.-Wis.
|
$360,000
|
-2.7%
|
-45.5%
|
0.5%
|
32
|
-10
|
Nashville-Davidson--Murfreesboro--Franklin,
Tenn.
|
$416,000
|
7.9%
|
-71.0%
|
-31.7%
|
14
|
-23
|
New Orleans-Metairie,
La.
|
$340,000
|
13.5%
|
-48.9%
|
7.4%
|
50
|
-23
|
New
York-Newark-Jersey City, N.Y.-N.J.-Pa.
|
$625,000
|
8.7%
|
-10.6%
|
46.2%
|
55
|
-17
|
Oklahoma City,
Okla.
|
$290,000
|
8.4%
|
-63.7%
|
-26.7%
|
42
|
-7
|
Orlando-Kissimmee-Sanford, Fla.
|
$340,000
|
7.9%
|
-62.7%
|
1.5%
|
38
|
-29
|
Philadelphia-Camden-Wilmington,
Pa.-N.J.-Del.-Md.
|
$340,000
|
8.9%
|
-34.5%
|
52.5%
|
38
|
-35
|
Phoenix-Mesa-Scottsdale, Ariz.
|
$450,000
|
17.1%
|
-64.8%
|
10.8%
|
29
|
-22
|
Pittsburgh,
Pa.
|
$269,000
|
N/A
|
-47.4%
|
7.1%
|
43
|
-48
|
Portland-Vancouver-Hillsboro, Ore.-Wash.
|
$550,000
|
12.3%
|
-50.8%
|
19.9%
|
32
|
-20
|
Providence-Warwick,
R.I.-Mass.
|
$400,000
|
0.0%
|
-54.4%
|
19.2%
|
29
|
-34
|
Raleigh,
N.C.
|
$410,000
|
9.4%
|
-76.2%
|
-23.5%
|
20
|
-39
|
Richmond,
Va.
|
$352,000
|
0.9%
|
-51.5%
|
29.1%
|
38
|
-17
|
Riverside-San
Bernardino-Ontario, Calif.
|
$520,000
|
21.5%
|
-58.9%
|
12.7%
|
31
|
-35
|
Rochester,
N.Y.
|
$245,000
|
-3.8%
|
-37.5%
|
30.0%
|
11
|
-45
|
Sacramento--Roseville--Arden-Arcade,
Calif.
|
$585,000
|
15.9%
|
-53.6%
|
4.1%
|
27
|
-16
|
San Antonio-New
Braunfels, Texas
|
$315,000
|
4.8%
|
-68.2%
|
-6.5%
|
36
|
-28
|
San Diego-Carlsbad,
Calif.
|
$825,000
|
10.1%
|
-27.3%
|
14.0%
|
38
|
-6
|
San
Francisco-Oakland-Hayward, Calif.
|
$1,078,000
|
8.1%
|
-28.1%
|
22.0%
|
29
|
-7
|
San
Jose-Sunnyvale-Santa Clara, Calif.
|
$1,298,000
|
8.3%
|
-27.3%
|
39.8%
|
28
|
-9
|
Seattle-Tacoma-Bellevue, Wash.
|
$680,000
|
11.5%
|
-48.5%
|
24.3%
|
28
|
-8
|
St. Louis,
Mo.-Ill.
|
$255,000
|
2.2%
|
-43.9%
|
18.5%
|
46
|
-24
|
Tampa-St.
Petersburg-Clearwater, Fla.
|
$335,000
|
17.6%
|
-69.4%
|
-1.6%
|
34
|
-32
|
Virginia
Beach-Norfolk-Newport News, Va.-N.C.
|
$320,000
|
-1.5%
|
-50.5%
|
10.7%
|
21
|
-34
|
Washington-Arlington-Alexandria, DC-Va.-Md.-W.
Va.
|
$510,000
|
0.0%
|
-26.2%
|
48.9%
|
30
|
-14
|
*Some data for Pittsburgh has
been excluded due to data quality.
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1 The first time was February
2021, which was affected by extreme weather events, and not
the start of a new trend.
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SOURCE Realtor.com