Inventory Stages A Comeback As Home Prices Soar To All-Time High
Abstract
Inventory Stages A Comeback As Home Prices Soar To All-Time High The inventory of active listings grew year-over-year for the first time since June 2019. The real estate refresh continues as new data suggests the housing market hit a turning point in its supply struggle in May. The inventory of active listings has returned, recording 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. 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. 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.
