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Started By
Message
Existing-Home Sales Retreat Nationwide
Posted on 6/23/22 at 2:53 pm
Posted on 6/23/22 at 2:53 pm
quote:
Existing-home sales retreated for the fourth consecutive month in May, according to the National Association of Realtors (NAR). Month-over-month sales declined in three out of four major U.S. regions, while year-over-year sales slipped in all four regions.
Total existing-home sales —completed transactions that include single-family homes, townhomes, condominiums and co-ops— fell 3.4% from April to a seasonally adjusted annual rate of 5.41 million in May. Year-over-year, sales receded 8.6% to approximately 5.92 million in May 2021.
"Home sales have essentially returned to the levels seen in 2019 – prior to the pandemic – after two years of gangbuster performance," said NAR Chief Economist Lawrence Yun. "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."
Total housing inventory registered at the end of May was 1,160,000 units, an increase of 12.6% from April, and a 4.1% decline from the previous year at 1.21 million. Unsold inventory sits at a 2.6-month supply at the current sales pace, up from 2.2 months in April and 2.5 months in May 2021.
"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 home buyers."
The median existing-home price for all housing types in May was $407,600, up 14.8% from $355,000 in May 2021, as prices increased in all regions. This marks 123 consecutive months of year-over-year increases, the longest-running streak on record.
Properties typically remained on the market for 16 days in May, down from 17 days in April and 17 days in May 2021. New data also showed some 88% of homes sold in May 2022 were on the market for less than a month.
First-time buyers were responsible for 27% of sales in May, down from 28% in April and down from 31% in May 2021. All-cash sales accounted for 25% of transactions in May, down from 26% in April and up from 23% recorded in May 2021.
Individual investors or second-home buyers, who make up many cash sales, purchased 16% of homes in May, down from 17% in April and 17% in May 2021. Distressed sales –foreclosures and short sales– represented less than 1% of sales in May, essentially unchanged from April 2022 and May 2021.
According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage was 5.23% in May, up from 4.98% in April. The average commitment rate across all of 2021 was 2.96%.
RE Market is pretty much done for the foreseeable future
Posted on 6/23/22 at 2:54 pm to stout
good - now lower my insurance and property taxes.
Posted on 6/23/22 at 2:56 pm to stout
Good. Maybe the prices will drop now. We plan on buying next year. We’ll suck up the extra we’ll have to pay on interest rates if we can get a lower price. Then just refinance when the rates drop again.
Posted on 6/23/22 at 3:00 pm to stout
But prices staying same or going up wtf
Posted on 6/23/22 at 3:01 pm to stout
All the social media posts from realtors are saying now is the time to buy and the time to sell.
Are you telling me they’re wrong?!??!??!?
Are you telling me they’re wrong?!??!??!?
Posted on 6/23/22 at 3:09 pm to cable
quote:
property taxes.
that's what I want to see
Posted on 6/23/22 at 3:11 pm to stout
Have my eye on a couple places in mountains
Cant wait
Cant wait
Posted on 6/23/22 at 3:11 pm to Cosmo
quote:
Have my eye on a couple places in mountains
twin peaks? sounds nice
Posted on 6/23/22 at 3:12 pm to GeauxZone90
quote:
But prices staying same or going up wtf
POS realtors will hold on as long as possible
Posted on 6/23/22 at 3:12 pm to stout
I'm in the market but it's hard to take a serious look with where it's at right now. Hopefully I can hold off long enough to see everything settle.
My sister bought a house at the end of last year. A little 3/2 in a new subdivision is already up ~100k if she wanted to sell
My sister bought a house at the end of last year. A little 3/2 in a new subdivision is already up ~100k if she wanted to sell
Posted on 6/23/22 at 3:13 pm to stout
quote:Done...hyper-appreciating? What do you mean "done"?
RE Market is pretty much done for the foreseeable future
Posted on 6/23/22 at 3:15 pm to MickeyLikesDags21
quote:Pics of her?
My sister bought a house
For market research purposes…
Posted on 6/23/22 at 3:18 pm to BamaCoaster
quote:
All the social media posts from realtors are saying now is the time to buy and the time to sell.
You'll get either "it's a seller's market" or "it's a buyer's market". Regardless which market it is, the realtors still get their commissions.
Posted on 6/23/22 at 3:21 pm to stout
When's the sweet spot to buy rentals? I was thinking of getting into a couple of rentals. Buying a couple of homes in some DSLD neighborhood that wouldn't require too much work was my idea. I can't pay cash for the whole amount but would be able to put the 20% down on the mortgage for them. I've been delaying this idea due to people seeing the market as a way to cash out big on their homes.
Posted on 6/23/22 at 3:21 pm to stout
Says market is done, apparently didn’t make it to the next line after his last bolding:
"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 home buyers."
"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 home buyers."
This post was edited on 6/23/22 at 3:24 pm
Posted on 6/23/22 at 3:22 pm to Big Scrub TX
quote:
What do you mean "done"?
People on here think housing not selling over asking within 12 hours means the market is cratering
Posted on 6/23/22 at 3:23 pm to stout
quote:
Home sales have essentially returned to the levels seen in 2019 – prior to the pandemic
Are we acting like 2019 was a bad year for home sales?
Posted on 6/23/22 at 3:24 pm to Joshjrn
Some developer is planning on a huge new development in my city - like 400 homes - wonder if this will put the cooler on that project.
Inventory is still a major issue in a lot of markets.
Inventory is still a major issue in a lot of markets.
This post was edited on 6/23/22 at 3:29 pm
Posted on 6/23/22 at 3:27 pm to carhartt
quote:
We plan on buying next year. We’ll suck up the extra we’ll have to pay on interest rates if we can get a lower price. Then just refinance when the rates drop again.
Why wouldn't you evaluate your total cost of ownership, price down, interest rates up can still cost you more over the life of the loan.
And counting on rates to drop rigt back down is misguided.
Posted on 6/23/22 at 3:30 pm to Cosmo
quote:
POS realtors will hold on as long as possible
but they are stilling offering all kinds of incentives
Nobody cares about that just lower the damn prices already
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