By Colin R. O'Leary
June 21st, 2022
The median sales price for existing-homes in the U.S. has just hit a new record. According to a recent report by the National Association of Realtors, the median sales price for existing-homes in May 2022 increased by 14.8% year-over-year, rising above $400k for the first time. While home values in the U.S. are still rising, the total number of home sales is beginning to decline. A combination of rising interest rates, inflation, supply chain issues, and low inventory are factors. The total number of homes sold in May 2022 declined by 3.4% year-over-year.
Homes in the U.S. are still selling quickly. According to the report, 88% of homes sold in May were on the market for less than a month. First-time home buyers were responsible for 27% of the purchases in May. A quarter of the home sales were all-cash purchases. The median price for all housing types in the U.S. was $407,600, up from $355,000 in May 2021. The median sales price for existing homes has now risen for 123 consecutive months. This is the longest-running streak on record.
Read the full report here
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