{"id":65933,"date":"2019-06-20T05:17:23","date_gmt":"2019-06-20T12:17:23","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=65933"},"modified":"2020-10-06T12:59:42","modified_gmt":"2020-10-06T19:59:42","slug":"may-2019-housing-market-tracker","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/may-2019-housing-market-tracker\/","title":{"rendered":"May Home Prices Up 3.6%, the Largest Year-Over-Year Increase in 7 Months"},"content":{"rendered":"

Recent upticks in mortgage applications and home tours suggest that home price growth will strengthen this summer.<\/h2>\n

U.S. home-sale prices edged up again in May, growing 3.6 percent from a year ago to a median of $315,700 across the metros Redfin tracks. While this was the biggest annual home price increase in seven months, it fell far short of the 7.1 percent growth rate of a year earlier.
\nOnly six of the 85 largest metro areas Redfin tracks saw a year-over-year decline in their median sale price, the biggest of which were a 6.0 percent drop in San Jose<\/a>, a 2.5 percent dip in New York<\/a>, and a 2.2 percent decline in Honolulu<\/a>. All three of the other metros that saw price drops were in California: Orange County<\/a> (-1.4%), Los Angeles<\/a> (-0.8%) and Oakland<\/a> (-0.7%).
\n\u201dAs mortgage rates have fallen this month, Redfin has seen upticks in the number of people wanting to talk with our agents about buying homes and the number going on home tours,\u201d said Redfin chief economist Daryl Fairweather<\/a>. \u201cRecent surges in mortgage applications<\/a> also reflect the impact low rates are having on homebuyer demand nationwide. We haven\u2019t yet seen a commensurate increase in U.S. home sales, and I don\u2019t expect sales to increase substantially in the long run. That\u2019s because there still aren\u2019t enough homes for sale for all of the people who want to buy homes. In May, inventory posted its smallest increase in eight months, and fewer new listings came on the market than last year. Low rates and rising prices will likely lure sellers onto the market this summer, but the lack of new construction will continue to hold back sales growth.\u201d<\/p>\n

\"Year-Over-Year<\/figure>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Market Summary<\/th>\nMay 2019<\/th>\nMonth-Over-Month<\/th>\nYear-Over-Year<\/th>\n<\/tr>\n<\/thead>\n
Median sale price<\/td>\n$315,700<\/td>\n3.0%<\/td>\n3.6%<\/td>\n<\/tr>\n
Homes sold<\/td>\n314,300<\/td>\n14.1%<\/td>\n0.2%<\/td>\n<\/tr>\n
New listings<\/td>\n418,900<\/td>\n5.1%<\/td>\n-0.7%<\/td>\n<\/tr>\n
All Homes for sale<\/td>\n890,300<\/td>\n5.1%<\/td>\n2.5%<\/td>\n<\/tr>\n
Median days on market<\/td>\n36<\/td>\n-4<\/td>\n-1<\/td>\n<\/tr>\n
Months of supply<\/td>\n2.8<\/td>\n-0.3<\/td>\n0<\/td>\n<\/tr>\n
Sold above list<\/td>\n24.4%<\/td>\n2.1%<\/td>\n-3.6%<\/td>\n<\/tr>\n
Median Off-Market Redfin Estimate<\/td>\n$304,600<\/td>\n1.6%<\/td>\n4.9%<\/td>\n<\/tr>\n
Average Sale-to-list<\/td>\n98.4%<\/td>\n0.1%<\/td>\n0.0%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Home sales were essentially flat in May, up 0.2 percent year over year. Forty-eight of the 85 metros tracked by Redfin saw an increase in sales from a year earlier.
\nThe number of homes for sale as of the end of May was up 2.5 percent from the same time last year. This was the smallest year-over-year increase in home supply in eight months. The number of homes newly listed for sale last month fell 0.7 percent from a year earlier.<\/p>\n

\"Home<\/figure>\n

Nationwide, measures of competition are mixed, with some pointing toward a hotter market than a year ago and others indicating that the market has cooled.
\nOn the \u201cmarket is hotter\u201d side, we have the median number of days on market, which dropped for homes sold in May, which fell to 36 days from 37 days a year earlier. This is the lowest days on market measured in any month of May since at least 2010 (as far back as we have recorded this measure nationally).
\nOn the \u201cmarket is cooler\u201d side, there\u2019s the share of homes for sale that has a price drop, which rose to 25.9 percent, up from 23.4 percent last year, and the highest rate of homes with price drops since last September\u2019s record high. Also, the share of homes sold above list price is falling, to 24.4 percent in May from 28.0 percent last year. Still, last month\u2019s rate of homes selling above list price was the highest since last August.<\/p>\n

\"Days<\/figure>\n

Other May Highlights<\/strong><\/h3>\n

Competition<\/h4>\n