{"id":17504,"date":"2021-06-22T10:25:12","date_gmt":"2021-06-22T15:25:12","guid":{"rendered":"https:\/\/theamericangenius.com\/housing\/?p=17504"},"modified":"2021-06-22T10:25:12","modified_gmt":"2021-06-22T15:25:12","slug":"home-sales-slip-for-fourth-consecutive-month-yet-spike-annually","status":"publish","type":"post","link":"https:\/\/theamericangenius.com\/housing\/big-data\/home-sales-slip-for-fourth-consecutive-month-yet-spike-annually\/","title":{"rendered":"Home sales slip for fourth consecutive month, yet spike annually"},"content":{"rendered":"

Despite bidding wars in many areas of America, existing home sales dipped 0.9% from April to May, according to the National Association of Realtors (NAR), marking the fourth month in a row of small declines. Meanwhile, amidst fears of a housing bubble<\/a>, all regions saw double digital annual gains. <\/p>\n

Sales are “approaching pre-pandemic activity,” said NAR’s Chief Economist, Dr. Lawrence Yun. “Lack of inventory continues to be the overwhelming factor holding back home sales, but falling affordability is simply squeezing some first-time buyers out of the market.”<\/p>\n

\u201cThe market\u2019s outlook, however, is encouraging,\u201d Yun continued. \u201cSupply is expected to improve, which will give buyers more options and help tamp down record-high asking prices for existing homes.\u201d<\/p>\n

MBA AVP of Economic and Industry Forecasting, Joel Kan also sees a silver lining. He said, \u201cOne positive development was the 7 percent increase in for-sale inventory, which should slightly help price conditions.”<\/p>\n

The median home price in May rose 23.6% over the year to $350,300, a record high and the 111th consecutive month of year-over-year gains.<\/p>\n

The average days on market was unchanged for the month, remaining at 17 days, down from 26 days in May 2020. Fully 89% of homes sold in the month were on the market for less than 30 days. <\/p>\n

Dr. Yun expects the 30-year fixed rate mortgage to remain below 3.5% in 2021, with a rate of 2.96% in May, down from 3.06% in April, according to Freddie Mac. <\/p>\n

In the Northeast, sales fell 1.4% in May, but skyrocketed 46.9% from May 2020. The median price rose 17.1% annually to $384,300. <\/p>\n

The Midwest experienced a 1.6% uptick for the month, and 27.2% for the year. The median price rose 18.1% for the year to $268,500. <\/p>\n

In the South, sales slid 0.4%, up a whopping 47.2% from May 2020. Here, the median price rose 22.6% to $299,400. <\/p>\n

Finally, home sales in the West declined 4.1% for the month, but saw a 61.6% increase from the previous May. Sale prices rose 24.3% over the year to $505,600. <\/p>\n

NAR recently called on lawmakers<\/a> to take “immediate” and “once-in-a-generation” action regarding the current housing supply crisis, so we’ll be watching for how the market is impacted in coming months.<\/p>\n","protected":false},"excerpt":{"rendered":"

(REAL ESTATE) While murmurs of a housing bubble permeate the market, home sales slide and inventory levels remain wildly restrictive. <\/p>\n","protected":false},"author":335814,"featured_media":16926,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"wds_primary_category":0,"footnotes":"","jetpack_post_was_ever_published":false,"_links_to":"","_links_to_target":""},"categories":[91],"tags":[2224,1234],"class_list":["post-17504","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-big-data","tag-home-sale","tag-real-estate-news"],"jetpack_featured_media_url":"https:\/\/theamericangenius.com\/housing\/wp-content\/uploads\/sites\/2\/2020\/12\/HouseSold.jpg","jetpack_sharing_enabled":true,"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/17504","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/users\/335814"}],"replies":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/comments?post=17504"}],"version-history":[{"count":4,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/17504\/revisions"}],"predecessor-version":[{"id":17508,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/17504\/revisions\/17508"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/media\/16926"}],"wp:attachment":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/media?parent=17504"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/categories?post=17504"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/tags?post=17504"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}