In May, active inventory increased year-over-year (+8.0%) for
the first time in nearly three years, but remained 48.5% lower than
at the start of the pandemic
SANTA
CLARA, Calif., June 2, 2022
/PRNewswire/ -- New data suggests the U.S. housing market hit a
turning point in its supply struggle in May, as active inventory
recorded the first year-over-year increase since June 2019, according to the
Realtor.com® Monthly Housing Trends Report released
today. At the same time, the median national home price soared to
an all-time high of $447,000 and
buyers snatched up listings a week faster than last year.
"Among key factors fueling the inventory comeback are new
sellers, who are listing homes at a rate not seen since 2019, as
well as moderating demand, with pending listings declining
year-over-year in May," said Danielle
Hale, Chief Economist for Realtor.com. "While this real
estate refresh is welcome news in a still-undersupplied market, it
has yet to make a dent in home price growth, partially due to
increases in newly-listed, larger homes and because the typical
seller outlook is quite high, likely shaped by recent
experiences of homeowners who sold. Importantly, as 72% of
this year's sellers also plan to purchase a home, seller
expectations will likely start to reflect buyers' needs. In an
early sign, the rate of sellers making price cuts accelerated in
May."
May 2022 Housing Metrics –
National
Metric
|
Change over May
2021
|
Change over May
2019
|
Median listing
price
|
17.6% (to
$447,000)
|
37.8%
|
Median listing price
per square foot
|
16.2%
|
48.4%
|
Share of active
listings with price reductions
|
4.3 pct. pts. (to
10.5%)
|
-5.2 pct.
pts.
|
Active
listings
|
8.0%
|
-59.6%
|
New listings
|
6.3%
|
-8.6%
|
Median days on
market
|
-6 days (to 31
days)
|
-25 days
|
Inventory grows for the first time
in three years, as more new sellers enter the market
The U.S. inventory of active listings grew year-over-year for
the first time since June 2019, with
this comeback driven by two key trends. First, new listings reached
the highest level of any month in nearly three years, as rising
numbers of sellers might be more confident in pursuing plans to
list than last Spring when COVID vaccines were just rolling
out. Second, higher housing costs are spurring a moderation in
buyer demand. This is reflected in May's bigger year-over-year
declines in pending listings – those at various stages of the
selling process that are not yet sold – compared to April, a sign
of softening in the turnover rate of for-sale homes.
- Nationally, the number of active listings increased 8.0%
year-over-year in May, but remained 48.5% below typical levels in
May 2020 at the onset of COVID.
- Compared to last month's year-over-year changes, May's national
data showed a significant improvement in the new listings trend
(+6.3% vs. 1.3%) and a bigger decline in pending listings (-12.6%
vs. -8.7%).
- Among May's new listings, the share of smaller homes (up to
1750 square feet) declined year-over-year (to 45.7% from 47.3%),
while those with 1,750-plus square feet increased from 52.7% to
54.3%.
- On average in the 50 largest U.S. markets, active inventory
grew by double-digits (+14.9%) over May
2021 levels, with the biggest increases in the West (+33.6%)
and South (+18.3%), led by Austin,
Texas (+85.8%), Phoenix
(+67.1%) and Sacramento, Calif.
(+54.6%). Active listings declined on a year-over-year basis in
just 8 markets.
- Thirty markets posted annual gains in newly-listed homes, with
the biggest increases registered in southern metros: Raleigh, N.C. (+27.9%), Nashville, Tenn. (+22.8%), and Las Vegas (+20.7%).
Asking prices for homes break
another record, as seller expectations remain high
May's increase in for-sale home options combined with softening
buyer demand would typically drive a cooldown in home prices, but
data shows that is not yet the case. In fact, the yearly growth
rate in the U.S. median listing price accelerated from last month's
pace as the median listing price approached $450,000 after just crossing the $400,000 threshold in March. From asking prices
per square foot to pending listing prices, May housing trends
suggest that a few factors are potentially driving the continued
home price surge. These include a rising share of newly-listed,
larger homes by square footage and some sellers not yet adjusting
to shifting supply and demand dynamics, including buyer interest in
less expensive homes.
- The U.S. median listing price hit an all-time high of
$447,000 in May, rising at a faster
year-over-year pace (+17.6%) than last month (+14.2%). On a square
foot basis, asking prices for active listings increased 16.2% over
May 2021 levels.
- In a potential sign of softening buyer demand at the national
level, the median listing price of a typical pending listing
actually decelerated in May over April, to a yearly rate of 16.2%
from 17.2%. Additionally, the national share of listings that had
their price reduced jumped to 10.5% in May from 7.0% in April, but
the rate remains well below typical pre-COVID levels.
- Active listing prices in the nation's largest metros grew by an
average of 13.0% compared to last year in May, with the biggest
gains recorded in Miami (+45.9%),
Nashville (+32.5%), and
Orlando, Fla. (+32.4%).
- In May, median listing prices were down year-over-year in just
six large markets, which were: Pittsburgh (-10.5%), Rochester, N.Y. (-9.7%), Cincinnati (-9.6%), Cleveland (-2.3%), Detroit (-1.8%), and Buffalo, N.Y. (-1.2%).
Buyers are still quickly snatching
up homes, at a week faster than last year
Similar to norms one would expect to see in home price trends,
the increase in for-sale home options combined with softening buyer
demand would typically drive a deceleration in time on market.
However, time on market data did not yet show this trend in May, as
buyers snatched up listings more quickly than in any month in the
Realtor.com® data history going back to July 2016 – a record that typically isn't
hit until the Summer season. For some homebuyers who have yet to be
priced out of the market but can't afford to compete by making a
larger down payment, acting quickly might give them an edge.
- In May, the typical U.S. home spent 31 days on the market , a
full week less (-6 days) than last year and down 27 days compared
to typical May 2017 to 2019
timing.
- Across the 50 largest U.S. metros, the typical home spent 26
days on market, down six days year-over-year, with the biggest
declines registered in the South (-7 days).
- At the market level, homes saw the greatest yearly decline in
time spent on market in Miami (-28
days), followed by a three-way tie between Hartford, Conn., Seattle and San
Jose, Calif. (-12 days).
- Just one market posted a year-over-year increase in time on
market: Detroit (-1 day), where
homes still moved at a close to record-fast pace.
May 2022 Housing Metrics – 50
Largest U.S. Metro Areas
Metro
Area
|
Median Listing
Price
|
Median Listing Price
YoY
|
Median Listing Price
per Sq. Ft. YoY
|
Active Listing Count
YoY
|
New Listing Count
YoY
|
Median Days on
Market
|
Median Days on
Market
Y-Y
(Days)
|
Price Reduced
Share
|
Price Reduced
Share
Y-Y (Pct.
Pts.)
|
Atlanta-Sandy
Springs-Roswell, Ga.
|
$428,000
|
9.8%
|
13.3%
|
10.6%
|
2.2%
|
29
|
-5
|
9.8%
|
4.4%
|
Austin-Round Rock,
Texas
|
$627,000
|
25.6%
|
23.4%
|
85.8%
|
19.1%
|
16
|
-10
|
18.3%
|
14.7%
|
Baltimore-Columbia-Towson, Md.
|
$352,000
|
0.7%
|
5.5%
|
2.3%
|
-7.3%
|
31
|
-3
|
10.1%
|
2.5%
|
Birmingham-Hoover,
Ala.
|
$288,000
|
3.2%
|
10.2%
|
12.5%
|
3.5%
|
35
|
-5
|
8.4%
|
3.5%
|
Boston-Cambridge-Newton, Mass.-N.H.
|
$772,000
|
10.3%
|
3.9%
|
-6.9%
|
-2.2%
|
16
|
-7
|
10.0%
|
0.9%
|
Buffalo-Cheektowaga-Niagara Falls, N.Y.
|
$247,000
|
-1.2%
|
5.9%
|
6.6%
|
1.0%
|
24
|
-8
|
5.7%
|
1.4%
|
Charlotte-Concord-Gastonia, N.C.-S.C.
|
$435,000
|
11.5%
|
16.9%
|
21.1%
|
17.0%
|
23
|
-6
|
12.0%
|
4.6%
|
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.
|
$360,000
|
1.4%
|
0.5%
|
-14.8%
|
-10.0%
|
30
|
-7
|
8.8%
|
1.3%
|
Cincinnati,
Ohio-Ky.-Ind.
|
$330,000
|
-9.6%
|
2.7%
|
2.7%
|
5.0%
|
29
|
-5
|
7.3%
|
1.6%
|
Cleveland-Elyria,
Ohio
|
$215,000
|
-2.3%
|
7.0%
|
-1.2%
|
-9.3%
|
36
|
0
|
8.4%
|
2.9%
|
Columbus,
Ohio
|
$340,000
|
13.3%
|
15.3%
|
7.2%
|
-4.5%
|
14
|
0
|
8.5%
|
1.1%
|
Dallas-Fort
Worth-Arlington, Texas
|
$473,000
|
24.5%
|
21.9%
|
34.4%
|
18.0%
|
23
|
-8
|
9.4%
|
4.4%
|
Denver-Aurora-Lakewood,
Colo.
|
$695,000
|
16.0%
|
4.7%
|
49.6%
|
16.5%
|
10
|
-2
|
11.9%
|
7.5%
|
Detroit-Warren-Dearborn, Mich.
|
$275,000
|
-1.8%
|
4.4%
|
19.8%
|
2.1%
|
23
|
1
|
12.7%
|
4.4%
|
Hartford-West
Hartford-East Hartford, Conn.
|
$363,000
|
17.1%
|
22.6%
|
N/A
|
-0.9%
|
18
|
-12
|
5.6%
|
-1.1%
|
Houston-The
Woodlands-Sugar Land, Texas
|
$399,000
|
10.9%
|
12.0%
|
4.3%
|
4.5%
|
35
|
-3
|
11.6%
|
4.8%
|
Indianapolis-Carmel-Anderson, Ind.
|
$315,000
|
14.5%
|
15.4%
|
14.2%
|
11.2%
|
30
|
-8
|
9.9%
|
3.0%
|
Jacksonville,
Fla.
|
$439,000
|
26.2%
|
26.0%
|
22.5%
|
8.4%
|
30
|
-8
|
9.6%
|
4.2%
|
Kansas City,
Mo.-Kan.
|
$399,000
|
16.2%
|
13.7%
|
24.4%
|
-2.5%
|
38
|
-2
|
5.9%
|
1.8%
|
Las
Vegas-Henderson-Paradise, Nev.
|
$500,000
|
28.2%
|
26.2%
|
18.6%
|
20.7%
|
22
|
-2
|
20.1%
|
12.3%
|
Los Angeles-Long
Beach-Anaheim, Calif.
|
$972,000
|
1.4%
|
6.7%
|
5.1%
|
-3.4%
|
25
|
-9
|
10.5%
|
5.3%
|
Louisville/Jefferson
County, Ky.-Ind.
|
$292,000
|
6.4%
|
8.7%
|
19.1%
|
-1.3%
|
22
|
-3
|
11.1%
|
4.2%
|
Memphis,
Tenn.-Miss.-Ark.
|
$293,000
|
24.9%
|
28.9%
|
21.4%
|
5.0%
|
33
|
-5
|
7.4%
|
2.6%
|
Miami-Fort
Lauderdale-West Palm Beach, Fla.
|
$627,000
|
45.9%
|
27.4%
|
-32.1%
|
-0.4%
|
37
|
-28
|
8.4%
|
3.0%
|
Milwaukee-Waukesha-West
Allis, Wis.
|
$364,000
|
15.5%
|
9.1%
|
0.7%
|
-5.3%
|
30
|
-5
|
7.4%
|
1.3%
|
Minneapolis-St.
Paul-Bloomington, Minn.-Wis.
|
$422,000
|
17.3%
|
10.1%
|
2.4%
|
-0.7%
|
28
|
-5
|
8.4%
|
4.4%
|
Nashville-Davidson--Murfreesboro--Franklin,
Tenn.
|
$550,000
|
32.5%
|
19.8%
|
38.1%
|
22.8%
|
14
|
-2
|
13.2%
|
7.7%
|
New Orleans-Metairie,
La.
|
$349,000
|
2.8%
|
0.1%
|
8.6%
|
-2.6%
|
39
|
-11
|
14.5%
|
5.8%
|
New York-Newark-Jersey
City, N.Y.-N.J.-Pa.
|
$720,000
|
10.9%
|
24.7%
|
-0.8%
|
0.8%
|
43
|
-1
|
8.9%
|
1.1%
|
Oklahoma City,
Okla.
|
$329,000
|
13.5%
|
21.1%
|
23.4%
|
N/A
|
30
|
-11
|
7.1%
|
0.1%
|
Orlando-Kissimmee-Sanford, Fla.
|
$450,000
|
32.4%
|
28.2%
|
6.6%
|
10.3%
|
29
|
-9
|
9.1%
|
3.8%
|
Philadelphia-Camden-Wilmington,
Pa.-N.J.-Del.-Md.
|
$340,000
|
0.0%
|
6.6%
|
4.1%
|
4.9%
|
35
|
-3
|
10.4%
|
2.8%
|
Phoenix-Mesa-Scottsdale, Ariz.
|
$550,000
|
22.2%
|
21.0%
|
67.1%
|
13.7%
|
23
|
-8
|
17.5%
|
11.6%
|
Pittsburgh,
Pa.
|
$240,000
|
-10.5%
|
-2.7%
|
4.6%
|
-1.5%
|
39
|
-5
|
12.2%
|
4.2%
|
Portland-Vancouver-Hillsboro, Ore.-Wash.
|
$598,000
|
8.7%
|
11.1%
|
19.2%
|
3.0%
|
26
|
-7
|
14.6%
|
5.0%
|
Providence-Warwick,
R.I.-Mass.
|
$467,000
|
16.9%
|
13.7%
|
2.1%
|
-5.8%
|
22
|
-8
|
6.7%
|
2.7%
|
Raleigh,
N.C.
|
$494,000
|
21.2%
|
18.6%
|
41.6%
|
27.9%
|
9
|
-11
|
7.8%
|
4.2%
|
Richmond,
Va.
|
$380,000
|
8.6%
|
12.3%
|
-15.3%
|
-7.8%
|
33
|
-5
|
4.8%
|
0.9%
|
Riverside-San
Bernardino-Ontario, Calif.
|
$599,000
|
14.2%
|
17.0%
|
51.6%
|
6.3%
|
27
|
-4
|
13.9%
|
9.2%
|
Rochester,
N.Y.
|
$225,000
|
-9.7%
|
-1.2%
|
0.9%
|
5.6%
|
10
|
-1
|
7.9%
|
1.7%
|
Sacramento--Roseville--Arden-Arcade,
Calif.
|
$649,000
|
11.0%
|
11.7%
|
54.6%
|
5.6%
|
23
|
-5
|
17.2%
|
11.5%
|
San Antonio-New
Braunfels, Texas
|
$396,000
|
25.9%
|
22.4%
|
44.1%
|
9.5%
|
32
|
-5
|
11.4%
|
6.8%
|
San Diego-Carlsbad,
Calif.
|
$926,000
|
15.9%
|
14.4%
|
9.8%
|
-6.9%
|
21
|
-5
|
11.5%
|
7.1%
|
San
Francisco-Oakland-Hayward, Calif.
|
$1,129,000
|
3.8%
|
6.6%
|
32.5%
|
2.5%
|
23
|
-6
|
9.1%
|
4.7%
|
San
Jose-Sunnyvale-Santa Clara, Calif.
|
$1,494,000
|
15.1%
|
10.2%
|
22.9%
|
3.2%
|
17
|
-12
|
9.9%
|
4.6%
|
Seattle-Tacoma-Bellevue, Wash.
|
$834,000
|
22.6%
|
11.3%
|
38.8%
|
17.9%
|
17
|
-12
|
9.8%
|
6.1%
|
St. Louis,
Mo.-Ill.
|
$277,000
|
6.9%
|
7.5%
|
4.4%
|
-2.1%
|
37
|
-8
|
7.3%
|
1.3%
|
Tampa-St.
Petersburg-Clearwater, Fla.
|
$437,000
|
30.6%
|
26.9%
|
35.5%
|
11.2%
|
27
|
-8
|
11.5%
|
5.8%
|
Virginia
Beach-Norfolk-Newport News, Va.-N.C.
|
$359,000
|
12.2%
|
12.0%
|
-19.3%
|
-15.1%
|
19
|
-2
|
10.1%
|
3.1%
|
Washington-Arlington-Alexandria, DC-Va.-Md.-W.
Va.
|
$588,000
|
15.3%
|
4.7%
|
1.5%
|
-5.5%
|
27
|
-4
|
10.1%
|
3.6%
|
*Note: Oklahoma City new listing count growth
and Hartford active listing count
growth are not available while data is under review.
Methodology
Realtor.com® housing data as of May 2022. Listings include active inventory of
existing single-family homes and condos/townhomes for the given
level of geography; new construction is excluded unless listed via
an MLS.
About
Realtor.com®
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living in homes easier and more rewarding for everyone.
Realtor.com® pioneered the world of digital real estate
more than 25 years ago, and today through its website and mobile
apps offers a marketplace where people can learn about their
options, trust in the transparency of information provided to them,
and get services and resources that are personalized to their
needs. Using proprietary data science and machine learning
technology, Realtor.com® pairs buyers and sellers with
local agents in their market, helping take the guesswork out of
buying and selling a home. For professionals,
Realtor.com® is a trusted provider of consumer
connections and branding solutions that help them succeed in
today's on-demand world. Realtor.com® is operated by
News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move,
Inc. For more information, visit Realtor.com®.
Media Contact
rachel.conner@move.com
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