The median home price topped $350,000 for the first time in May, up 23.6% from a year earlier, driven by a shortage of properties and low interest rates
The median home price topped $350,000 for the first time in May as a shortage of properties and low interest rates drove double-digit monthly increases this spring.
The sharp increase in existing-home prices kept more buyers on the sidelines, contributing to the fourth straight month of declining sales of previously owned homes, the National Association of Realtors said Tuesday. Existing-home sales fell 0.9% in May from April to a seasonally adjusted annual rate of 5.8 million. May sales rose 44.6% from a year earlier, when home sales dropped due to Covid-related lockdowns.
The median existing-home price rose 23.6% in May from a year earlier to $350,300, a record high, NAR said. The annual price appreciation was the strongest in data going back to 1999. Median sales prices have climbed sharply since rising above $300,000 for the first time last July. Economists surveyed by The Wall Street Journal expected a 2.1% monthly decline in sales of previously owned homes, which make up most of the housing market.
The housing market remains extremely hot, with house prices rising quickly and many homes getting multiple offers. Low mortgage-interest rates have spurred robust demand. More than half of homes sold above their list price in May, according to real-estate brokerage Redfin Corp.
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