According to realtor.com, the national median home price for active listings grew by 15.2% over last year and reached $380,000 in May, lower than last month’s growth rate of 17.2%. This marks the first time the annual growth rate has decreased in 13 months (other than February 2021 which was affected by extreme weather events). The slowing in the rate of growth of listing prices is a welcome reprieve to buyers. If you are thinking of selling your house now, do it quickly to take advantage of the net profit you could gain! Based on this market update: May 2021 Listing Price Growth is Slowing Down. Should you Sell Now?
Homes for sale in May continued to sell more quickly than last year, as buyer demand remains strong. In the 50 largest U.S. metros, the typical home spent 33 days on the market, and homes spent 25 days less on the market, on average, compared to last May. Among these 50 largest metros, the time a typical property spends on the market has decreased most in large metros in the Northeast (-32 days), followed by the South (Here in Texas!) and Midwest (-26 days each), and the West (-18 days).
Here’s some other national statistics for May 2021 home sales:
- The national inventory of active listings declined by 50.9% over last year, while the total inventory of unsold homes, including pending listings, declined by 20.8%.
- Newly listed homes on the market are up 5.4% nationally compared to a year ago and by 12.4% for large metros over the past year. Listing price growth is slowing down.
- Nationally, the typical home spent 39 days on the market in May, 32 days less than the same time last year.
- The total number of unsold homes nationwide–a metric that includes active listings and listings in various stages of the selling process that are not yet sold– is down 20.8% percent from May 2020.
- In May, the share of newly listed homes compared to active daily inventory hit a historical high of 44.4%, higher than last year and 15.1 percentage points above typical levels seen in 2017 to 2019.
- Regionally, the inventory of homes in Southern metros is showing the largest year-over-year decline, as metros in the South didn’t see their inventory drop as significantly this time last year, and this year’s seasonal inventory growth has been slower. Southern large metros are also seeing a small decline in new listings, on average, compared to last year.
Based on the the information in this market update May 2021: listing price growth is slowing down, you may want to take advantage of the “red hot” market here in DFW! It may be a good idea to “Sell Now!” Please call me with questions! I am here to help!
Beth Brake REALTOR®
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