Sellers are listing their homes at a rate not seen since 2019.
Total Inventory Jumped +8% in May
For the first time since June 2019, the total number of listings across the US increased +8% y/y, according to a recently released report by Realtor.com.
Danielle Hale, chief economist for Realtor.com, said, “Among the key factors fueling the inventory comeback are new sellers who are listing homes at a rate not seen since 2019.”
The number of new for-sale listings during the month of May surged +6.3% y/y nationally. New listings in large metros increased +4.6% y/y.
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That said, Realtor.com’s latest monthly housing market report noted that the inventory of active listings in May remained down -48.5% compared to pre-pandemic levels. In other words, there were still only half as many for-sale homes available to buy in May 2022 as there were in May 2020.
Regional & City Inventory Breakdowns
Active for-sale listings in the country’s 50 largest metros jumped +14.9% y/y in May.
Regional listing specifics looked like this:
– West – +33.6% y/y
– South – +18.3% y/y
– Midwest – +5.8% y/y
– Northeast – +1.1% y/y
Inventory increased in 42 of 50 large metros during May. Metro specifics looked like this:
– Western metros – +7.2% y/y
– Southern metros – +6.6% y/y
– Northeastern metros – -1.1% y/y
– Midwestern metros – -1.1% y/y
Metros seeing the most overall inventory growth in May included Austin (+85.8% y/y), Phoenix (+67.1% y/y) and Sacramento (+54.6% y/y). Metros seeing the highest y/y growth in new listings included Raleigh (+27.9% y/y), Nashville (+22.4% y/y) and Las Vegas ((+20.7%).
Metros seeing the largest declines in overall inventory during May included Miami (-32.1% y/y), Virginia Beach -19.3% y/y), and Richmond (-15.3% y/y). Metros seeing the largest declines in new listings during May included Virginia Beach (-15.1% y/y), Chicago (-10.0% y/y), and Cleveland (-9.3% y/y).
Inventory by Home Size
The share of newly listed smaller homes (up to 1750 square feet) fell from 47.3% in May 2021 to 45.7% in May 2022. The share of larger homes (more than 1750 square feet) increased from 52.7% in May 2021 to 54.3% in May 2022.
Clearly, larger, more expensive homes accounted a larger share of the newly listed for-sale home market.
Median Asking Price Hits New High in May
The national median home price for active listings during May jumped to a new high of $446,950, an increase of +17.6% m/m and an increase from +14.2% in April 2022.
Realtor.com noted that the median listing price of a typical 2,000 square-foot single family house in May surged +19.3% y/y and +7.3% m/m.
The median listing price in May 2022 hit a new high at $447,000, an increase of +17.6% y/y and up +35.4% compared to May 2020. In the country’s large metros, the average median listing price increased +13% y/y.
One data point to consider regarding price is that the share of homes having their price reduced in May 2022 increased to +10.5% from 6.2% in May 2021. All but one of the largest 50 metros saw an increasing share of price reductions this May whereas last May, 40 of the 50 largest metros experienced price cuts.
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Thanks to Realtor.com.