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Market Report - May 2022

 

Market Report - May 2022


After two years of record-setting activity, there are signs the housing market might be cooling. High home prices and a surge in mortgage interest rates are slowing buyer activity, with home sales declining for the third consecutive month under the weight of soaring homeownership costs. The National Association of REALTORS® (NAR) reports existing home sales were down 2.4% from the previous month, while pending sales fell 3.9% as of last measure, extending the trend of recent months. Economists predict sales will continue to soften in the near future, which may put downward pressure on home prices.


New Listings were up 6.5 percent to 736. Pending Sales decreased 5.0 percent to 594. Inventory grew 9.4 percent to 723 units.


Prices moved higher as Median Sales Price was up 20.7 percent to $495,000. Days on Market decreased 7.2 percent to 90 days. Months Supply of Inventory was up 44.4 percent to 1.3 months, indicating that supply increased relative to demand.


The slowdown in sales has provided a much-needed lift to housing supply, with inventory up 10.8% from the previous month according to NAR, although supply remains down 10.4% compared to this time last year, with only 2.2 months’ supply of homes at the current sales pace. As the nation continues to explore ways to solve the ongoing housing shortage, estimated at 5.5 million homes, the Biden administration recently unveiled the Housing Supply Action Plan, which aims to expand housing access through a number of administrative and legislative actions and help relieve the nation’s housing crisis over the next 5 years.

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