THE BIG CITY TEAM
  • Home
  • Our Team
  • BHHS NY Properties
  • Google Reviews
  • Contact Us
  • Blog
  • Home
  • Our Team
  • BHHS NY Properties
  • Google Reviews
  • Contact Us
  • Blog

Median Sales Price for Existing-Homes Rises Above $400K in the U.S.

6/21/2022

0 Comments

 
Picture
Photo by Roberto Nickson on Unsplash
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 


0 Comments



Leave a Reply.

    Archives

    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021

    Picture

    Follow The Big City Team on Social Media!

    RSS Feed

Picture
The Big City Team 
Berkshire Hathaway HomeServices
590 Madison Avenue, 40th floor
New York, New York 10022
Team Leader: Colin O'Leary
​Email: thebigcityteam@bhhsnyp.com
​Phone: 646-300-2012
Picture


​​​Berkshire Hathaway Home Services New York Properties: © 2022 An independently operated subsidiary of HomeServices of America, Inc., a Berkshire Hathaway affiliate, and a franchisee of BHH Affiliates, LLC. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc.® Equal Housing Opportunity. Information not verified or guaranteed. If your home is currently listed with a Broker, this is not intended as a solicitation. Copyright © 2022 The Big City Team at Berkshire Hathway HomeServices New York Properties, All rights reserved
​Privacy Policy
Picture
Picture