Press release
Realtor.com® Housing Report: Home Prices Reach New High at $380,000 in May
Price Growth Remained in Double Digits for 10th Straight Month in May; Price Growth Moderation Expected Later in 2021 -- Lack of available homes for sale push
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[{"type":"text","content":"Price Growth Remained in Double Digits for 10th Straight Month in May; Price Growth Moderation Expected Later in 2021\n -- Lack of available homes for sale push U.S. median listing price up 15.2% year-over-year\n -- The number of homes for sale ended the month 50.9% lower than last year\n -- Larger metros offer buyers lower price gains and larger growth in newly listed homes\n -- Nationally, homes are selling more than a full month faster than last year and 19 days faster than the typical time on market from 2017 to 2019\n\n\nSANTA 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.\nIn 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.\n\"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.\"\nHale 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 ...