May Stats vs Last Year

Pending home sales, representing demand, were down last month. Demand continues to be capped by interest rates and economic uncertainty.

As time on market increases to the highest level in 7 years, the supply of active homes continues to rise, now to the highest level since 2016. 

The increasing supply and limited demand is weighing on prices and slowing down their growth. With prices now flat compared to a year ago we are seeing an average

increase of just 1% so far this year versus an average increase of 7% last year.

The impact of supply on prices is more noticeable on the periphery of the metro area where prices actually dropped 3% last month compared to a year ago. Prices always slow in the outlying counties first.

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Here are the numbers (vs LY):

Demand: DOWN 3%

Supply: UP 38%

Median Sales Price: FLAT 0%

Days on Market: 19 (vs 13)

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Looking forward to working with you when you decide to buy or sell.

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