Meanwhile, existing-home sales slid 3.4% from April to a seasonally adjusted annual rate of 5.41 million, according to the National Association of REALTORS®.
The number of homes for sale in May rose 16.3% month over month and 2.2% year over year. Months’ supply of inventory rose to 0.9 from 0.8 in April and fell from 1 in May 2021.
New-home completions rose during the month, however, with the increased inventory representing a rare bright spot in an otherwise gloomy government report.
The Federal Reserve raised interest rates by .75% today: the sharpest increase since 1994. How will that affect real estate?
Two major real estate firms are cutting their workforces amid a cooling housing market. Compass and Redfin are laying off 10% and 8% of their current staffs, respectively.
Lumber prices, once emblematic of widespread supply-chain woes, are finally beginning to fall. How will this affect the housing market?
Nationally, the index posted its highest annual increase ever.
Most of the single-family homes are in Texas, Georgia, Alabama and Oklahoma.
Nevertheless, home prices are expected to continue rising through the end of the year, according to the National Association of REALTORS®.
The rate of new single-family home sales fell 16.6% from March’s revised number, while the median sales price jumped to $450,600 from March’s revised median house price of $435,000.