he median existing-home sales price topped $400,000 for the first time in May as existing-home sales fell for the fourth month in a row, the National Association of REALTORS® said.
At the same time, total housing inventory rose 12.6% on a month-over-month basis to 1,160,000 units.
Total existing-home sales, which are completed transactions, including single-family homes, townhomes, condominiums and co-ops, slid 3.4% from April to a seasonally adjusted annual rate of 5.41 million in May. Year over year, sales volume was down 8.6% from 5.92 million transactions in May 2021.
The median existing-home price for all housing types in May was $407.600, up 14.8% from a year before, as median prices rose in each region.
“Home sales have essentially returned to the levels seen in 2019 — prior to the pandemic — after two years of gangbuster performance,” NAR chief economist Lawrence Yun said in a press release. “Also, the market movements of single-family and condominium sales are nearly equal, possibly implying that the preference towards suburban living over city life that had been present over the past two years is fading with a return to pre-pandemic conditions.”
The average commitment rate for a 30-year, conventional, fixed-rate mortgage was 5.23% in May, up from 4.98% in April, according to Freddie Mac. The average commitment rate across all of 2021 was 2.96%.
April’s unsold inventory represented a 2.6-month supply at the current sales pace, up from 2.2 months in the prior month and down from 2.5 months last year.
Properties typically remained on the market for 16 days in May, down from 17 days in both April and May 2021. Eighty-eight percent of homes sold in May were on the market for less than a month.
“Further sales declines should be expected in the upcoming months given housing affordability challenges from the sharp rise in mortgage rates this year,” Yun added. “Nonetheless, homes priced appropriately are selling quickly, and inventory levels still need to rise substantially — almost doubling — to cool home-price appreciation and provide more options for homebuyers.”
By property type, single-family home sales in May slid to a seasonally adjusted annual rate of 4.8 million, down 3.6% from 4.98 million in the previous month and down 7.7% from a year earlier. The median existing single-family home price was $414,200, up 14.6% on a year-over-year basis.
Existing condominium and co-op sales came in at a seasonally adjusted annual rate of 610,000 units in May, down 1.6% from April and 15.3% compared to May 2021. The median existing condo price rose 14.8% year over year to $355,700.
In May, first-time buyers were responsible for 27% of sales, down from 28% in April and down from 31% in May 2021, while individual investors or second-home buyers, who make up many cash sales, purchased 16% of homes, down from 17% in April and 17% in May 2021.
Existing-home sales slide in December while prices continue to climb
Existing-home sales declined in December after three months of increases, while the median sales price rose, marking 118 consecutive months of gains, the longest streak on record, the National Association of Realtors said.
Total existing-home sales, which are completed transactions, including single-family homes, townhomes, condominiums and co-ops, fell 4.6% from November to a seasonally adjusted annual rate of 6.18 million in December. Year over year, sales were down 7.1% from 6.65 million transactions in December 2020.
The median existing-home price for all housing types in December was $358,000, up 15.8% from December 2020, as prices rose in each region, the NAR said in a press release.
Total housing inventory at the end of last month stood at 910,000 units, down 18% from November and down 14.2% from a year earlier. December’s unsold inventory represented a 1.8-month supply at the current sales pace, down from 2.1 months in November and 1.9 months a year ago.
“December saw sales retreat, but the pull back was more a sign of supply constraints than an indication of a weakened demand for housing,” NAR chief economist Lawrence Yun said in the release. “Sales for the entire year finished strong, reaching the highest annual level since 2006.”
Yun expects existing-home sales to slow slightly in coming months as mortgage rates continue to rise. He added that recent employment gains and stricter underwriting standards mean home sales are in no danger of crashing.
Properties typically remained on the market for 19 days in December, up one day from November and down from 21 days in December 2020. Seventy-nine percent of homes sold in December were on the market for less than a month.
By property type, single-family home sales slid to a seasonally adjusted annual rate of 5.52 million, down 4.3% from 5.77 million in November and down 6.8% from a year earlier. The median existing single-family home price was $364,300, up 16.1% on a year-over-year basis.
Existing condominium and co-op sales came in at a seasonally adjusted annual rate of 660,000 units, down 7% from 710,000 in the previous month and down 9.6% compared to November 2020. The median existing condo price rose 11.9% year over year to $305,100.
“We wrapped up the year witnessing home sales exceed the previous year’s total and saw millions of families secure housing,” NAR President Leslie Rouda Smith said. “I think the positive momentum will continue as the market prepares to finally see more supply in the coming months, meaning more buyers will be able to land their dream home.”
In December, first-time buyers were responsible for 30% of sales, up from 26% in November and down from 31% in December 2020, while individual investors or second-home buyers, who make up many cash sales, purchased 17% of homes, up from 15% in November and 14% in November 2020.
By major U.S. region, sales of existing homes dropped 6.8% in the West, 6.3% in the South and 1.3% in both the Midwest and Northeast.
November home sales report from the National Association of Realtors, updated on December 2, 1014.
November Home Sales Report.
Click on the November Home Sales Report to enlarge.
The following are some highlights of the National Association of Realtors of existing home sales for the month of November 2014.
1. In the month of November 14,410 existing homes sold every day.
2. The average home sales price in November increased 5.5% over the same time last year.
3. Sales of homes increased by 1.5% in November compared to October 2014.
4. Inventory of exiting homes for sale increased by 5.2% over last year.
Boston Condo sales report of November 2014.
1. Number of Boston condos that sold in November 2014 was 242. Over 8 Boston condominiums sold in Boston per day.
2. Average amount of time for a Boston condo to sell 53 days.
3. The lowest Boston condo sales price was $133,500.
4. The highest Bostonian condominium sales price was $5,850,000.
5. The median sales price in Boston was $480,000.
6. The average property sales price was $6823.500.
7. Total market value of Boston condo that sold last month was $165,172,788.
Boston Single-family home sales.
Sixty-four Boston Single-family homes sold in the month of November 2014, with an average sales price of $682,000. The highest recorded sales price was $9.250,000 and the least expensive was $195,000.
If you’d like more information on Boston condominium sale data or on single-family homes, please feel free to call me at 617-720-5454. Please visit our website (Boston Real Estate Blog) everyday for the most updated news on the Boston real estate market. Feel free to email me at realtyford@yahoo,.com if you have any questions on the condo market.
Source: National Association of Realtors
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Updated: January 2018