{"id":76392,"date":"2023-06-21T05:00:30","date_gmt":"2023-06-21T12:00:30","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=76392"},"modified":"2023-06-20T15:37:46","modified_gmt":"2023-06-20T22:37:46","slug":"housing-market-tracker-may-2023","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-tracker-may-2023\/","title":{"rendered":"There Were Fewer Homes for Sale in May Than Any Other Month on Record"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h4><i>The pool of homes for sale is shrinking because homeowners feel trapped by rising mortgage rates, with new listings down 25% to the third lowest level on record.<\/i><\/h4>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h4><i>A shortage of homes for sale is fueling bidding wars in some areas despite sluggish homebuyer demand; 37% of homes that sold in May went for more than their list price, a higher share than usual for this time of year.<\/i><\/h4>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h4><i>Homebuyer competition is propping up prices, which were down just 3% in May from the record high hit a year earlier.<\/i><\/h4>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The number of homes for sale in the U.S. fell 7.1% year over year to 1.4 million on a seasonally adjusted basis in May. That\u2019s the lowest level in Redfin\u2019s records, which date back to 2012, and the first annual decline since April 2022.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-76394\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/06\/active-listings-chart-1024x717.png\" alt=\"\" width=\"700\" height=\"490\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/06\/active-listings-chart-1024x717.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/06\/active-listings-chart-300x210.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/06\/active-listings-chart-768x537.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/06\/active-listings-chart.png 1289w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">By comparison, there were 2.2 million homes for sale in May 2019\u2014before the pandemic rocked the U.S. housing market\u2014meaning housing supply was 38.6% below pre-pandemic levels this May.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">America\u2019s housing stock is dwindling because there are very few people<\/span> <span style=\"font-weight: 400;\">selling homes. New listings of homes for sale declined 25.2% year over year in May to the third lowest level on record on a seasonally adjusted basis, as homeowners were handcuffed by high mortgage rates.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Nearly every homeowner with a mortgage <\/span><a href=\"https:\/\/www.redfin.com\/news\/high-mortgage-rates-lock-in-homeowners-2023\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">has<\/span><\/a><span style=\"font-weight: 400;\"> an interest rate below 6%, meaning many are opting to stay put because selling and buying a new home would mean taking on a higher monthly mortgage payment. The average 30-year-fixed mortgage rate in May was 6.43%, up from 5.23% a year earlier and a record low of 2.65% in 2021.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Housing supply had already been lacking for years due to a steep dropoff in homebuilding following the 2008 financial crisis. The shortage intensified in 2020 and 2021 because rock-bottom mortgage rates prompted scores of people to buy homes.<\/span><\/p>\n<p><b>May 2023 Highlights<\/b><\/p>\n<table>\n<tbody>\n<tr>\n<td><\/td>\n<td><b>May 2023<\/b><\/td>\n<td><b>Month-Over-Month Change<\/b><\/td>\n<td><b>Year-Over-Year Change<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Median sale price<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$419,103<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-3.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Pending sales, seasonally adjusted<\/span><\/td>\n<td><span style=\"font-weight: 400;\">376,413<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-21.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Homes sold, seasonally adjusted<\/span><\/td>\n<td><span style=\"font-weight: 400;\">421,067<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-19.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">New listings, seasonally adjusted<\/span><\/td>\n<td><span style=\"font-weight: 400;\">465,109<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-25.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">All homes for sale, seasonally adjusted (active listings)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1,373,089<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-5.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-7.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Months of supply<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.8<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.4<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.2<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Median days on market<\/span><\/td>\n<td><span style=\"font-weight: 400;\">31<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-5<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Share of for-sale homes with a price drop<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.8 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.6 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Share of homes sold above final list price<\/span><\/td>\n<td><span style=\"font-weight: 400;\">37.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.9 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-21.5 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Average sale-to-final-list-price ratio<\/span><\/td>\n<td><span style=\"font-weight: 400;\">100%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.5 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-3.1 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Share of home offers written by Redfin agents that faced competition, seasonally adjusted<\/span><\/td>\n<td><span style=\"font-weight: 400;\">46.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.1 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-9.4 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Pending sales that fell out of contract, as % of overall pending sales<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1 ppt<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.2 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Average 30-year fixed mortgage rate<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.43%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.09 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.2 ppts<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><i><span style=\"font-weight: 400;\">Note: Data is subject to revision<\/span><\/i><\/p>\n<p><b>The Intensifying Housing Shortage Is Propping Up Home Prices<\/b><\/p>\n<p><span style=\"font-weight: 400;\">As the pool of homes for sale shrinks, homebuyers in many markets are grappling with competition, which is preventing home prices from plunging despite a cooldown in buyer demand brought on by elevated mortgage rates.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The median U.S. home sale price was $419,103 in May. That\u2019s down just 3.1% from a year earlier, when prices hit a record high of $432,311. While home prices fell in May, they posted a smaller decline than they did in April, when prices dropped 4.2% from a year earlier\u2014the largest decrease on record with the exception of January 2012.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><img decoding=\"async\" class=\"alignnone wp-image-76395 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/06\/Median-Sale-Price-2-e1687299165140.png\" alt=\"\" width=\"641\" height=\"437\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/06\/Median-Sale-Price-2-e1687299165140.png 641w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/06\/Median-Sale-Price-2-e1687299165140-300x205.png 300w\" sizes=\"(max-width: 641px) 100vw, 641px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">The typical home that sells is no longer selling at a discount. The average sale-to-list-price ratio, which measures how close homes are selling to their final asking prices, was 100% in May, meaning the typical home that sold was purchased at its list price. That\u2019s down from 103.1% a year earlier, but is the highest level of any May on record prior to the pandemic and follows nine straight months of sub-100% sale-to-list-price ratios.<img decoding=\"async\" class=\"alignnone size-full wp-image-76396\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/06\/Sale-to-List-e1687299207679.png\" alt=\"\" width=\"629\" height=\"439\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/06\/Sale-to-List-e1687299207679.png 629w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/06\/Sale-to-List-e1687299207679-300x209.png 300w\" sizes=\"(max-width: 629px) 100vw, 629px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cIt\u2019s too early to say that price declines have bottomed out,\u201d said Redfin Chief Economist <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/darylfairweather\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Daryl Fairweather<\/span><\/a><span style=\"font-weight: 400;\">. \u201cPrices may have room to fall because mortgage rates could still rise. The Federal Reserve just <\/span><a href=\"https:\/\/www.wsj.com\/articles\/fed-holds-rates-steady-but-expects-more-increases-b1be87f2\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">signaled<\/span><\/a><span style=\"font-weight: 400;\"> that it is likely to continue raising interest rates this year. That could further hamper homebuyer demand and cause home prices to fall in the near term, though the drops would be minimal. We\u2019re unlikely to see double-digit price declines like we did during the 2008 housing crisis.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Fairweather continued: \u201cMany people <\/span><a href=\"https:\/\/www.fanniemae.com\/research-and-insights\/surveys-indices\/national-housing-survey\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">think<\/span><\/a><span style=\"font-weight: 400;\"> it\u2019s a bad time to buy a home because mortgage rates are high, but they should keep in mind that when rates do ultimately fall, many buyers waiting on the sidelines could jump back in. That could lead to more bidding wars since there aren\u2019t enough homes for sale, and heightened competition could push up prices, offsetting some or all of the benefit of lower interest rates.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s worth noting that price changes differ vastly from market to market. For example, Austin, TX, Boise, ID and Oakland, CA all saw double-digit year-over-year price declines in May, while prices <\/span><i><span style=\"font-weight: 400;\">rose<\/span><\/i><span style=\"font-weight: 400;\"> roughly 10% in Hartford, CT, Rochester, NY and Cincinnati. Pandemic boomtowns and expensive coastal hubs have seen their housing markets slow relatively quickly because prices soared to unsustainable levels during the pandemic and are now coming back down to earth.<\/span><\/p>\n<p><b>The Housing Shortage Is Fueling Homebuyer Competition in Many Markets<\/b><\/p>\n<p><span style=\"font-weight: 400;\">While demand from homebuyers has fallen, new listings have fallen even further, meaning many of the buyers who<\/span><i><span style=\"font-weight: 400;\"> are<\/span><\/i><span style=\"font-weight: 400;\"> out there are encountering bidding wars.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Even though the <\/span><i><span style=\"font-weight: 400;\">typical<\/span><\/i><span style=\"font-weight: 400;\"> home that sold in May was purchased for its list price, more than one-third (37.5%) went for <\/span><i><span style=\"font-weight: 400;\">more <\/span><\/i><span style=\"font-weight: 400;\">than their list prices\u2014a sign that some buyers are facing competition. That\u2019s down from 59% a year earlier but is the highest share of any May on record prior to the pandemic.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-76397\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/06\/Sold-Above-List-e1687299260370.png\" alt=\"\" width=\"633\" height=\"442\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/06\/Sold-Above-List-e1687299260370.png 633w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/06\/Sold-Above-List-e1687299260370-300x209.png 300w\" sizes=\"(max-width: 633px) 100vw, 633px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">Speed is another good way to gauge competition; the typical home that sold in May went under contract in 31 days. That\u2019s nearly twice as long as a year earlier (17 days) but is the shortest timespan of any Many on record prior to the pandemic.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76398 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/06\/Days-on-Market-e1687299334846.png\" alt=\"\" width=\"631\" height=\"448\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/06\/Days-on-Market-e1687299334846.png 631w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/06\/Days-on-Market-e1687299334846-300x213.png 300w\" sizes=\"(max-width: 631px) 100vw, 631px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">Nearly half (46.7%) of home offers written by Redfin agents faced a bidding war in May on a seasonally adjusted basis. While that\u2019s down from 56.1% a year earlier and a peak of 69.6% in January 2022, it\u2019s notable that so many buyers are facing competition at a time when demand is sluggish. <\/span><span style=\"font-weight: 400;\">An offer is considered part of a bidding war if a Redfin agent reported that it faced at least one competing bid.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76400\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/06\/bidding-wars-1-1024x707.png\" alt=\"\" width=\"700\" height=\"483\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/06\/bidding-wars-1-1024x707.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/06\/bidding-wars-1-300x207.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/06\/bidding-wars-1-768x530.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/06\/bidding-wars-1.png 1302w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThere\u2019s a huge lack of housing inventory in Miami, and that combined with higher interest rates is making homebuyers\u2019 lives very challenging. Their money just isn\u2019t going as far,\u201d said local <\/span><a href=\"https:\/\/www.redfin.com\/premier\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Redfin Premier<\/span><\/a><span style=\"font-weight: 400;\"> real estate agent <\/span><a href=\"https:\/\/www.redfin.com\/real-estate-agents\/rafael-corrales\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Rafael Corrales<\/span><\/a><span style=\"font-weight: 400;\">. \u201cI\u2019m encouraging my buyers to be a little more flexible; in some cases, I\u2019m suggesting they go back to 2021 winning strategies, which can mean waiving contingencies and offering high earnest money deposits because they\u2019re competing against a lot of cash buyers.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">One-third (33.4%) of U.S. home purchases were <\/span><a href=\"https:\/\/www.redfin.com\/news\/all-cash-down-payment-april-2023\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">made<\/span><\/a><span style=\"font-weight: 400;\"> in cash in April, the latest month for which data is available. That\u2019s <\/span><span style=\"font-weight: 400;\">up from 30.7% a year earlier and comparable with February\u2019s 33.5% share, which was the highest in nine years. Cash purchases are becoming more common because elevated mortgage rates are deterring many house hunters who would need to take out mortgages, leaving cash buyers to take up a larger piece of the homebuying pie.\u00a0<\/span><\/p>\n<p><b>Home Sales Are Falling, But Not as Quickly as They Were at the Start of the Year<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Closed home sales fell 19.8% year over year on a seasonally adjusted basis in May, the smallest drop in nearly a year and an improvement from the record 35.3% decline in January. Still, sales were significantly below pre-pandemic levels, down 21% from May 2019.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Pending home sales performed similarly. They fell 21.4% year over year on a seasonally adjusted basis in May, the smallest drop since last summer and an improvement from the record 36.1% decline in November. Pending sales were down 16.1% from May 2019 levels.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-76401\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/06\/Pending-Sales-e1687299574610.png\" alt=\"\" width=\"629\" height=\"442\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/06\/Pending-Sales-e1687299574610.png 629w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/06\/Pending-Sales-e1687299574610-300x211.png 300w\" sizes=\"(max-width: 629px) 100vw, 629px\" \/><\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Metro-Level Highlights: May 2023<\/span><\/h3>\n<p><i><span style=\"font-weight: 400;\">Data in the bullets below came from a list of the 91 U.S. metro areas with populations of at least 750,000. Select metros may be excluded from time to time to ensure data accuracy. A full metro-level data table can be found in the \u201cdownload\u201d tab of the dashboard embedded below or <\/span><\/i><i><span style=\"font-weight: 400;\">in the monthly section of the Redfin <\/span><\/i><a href=\"https:\/\/www.redfin.com\/news\/data-center\/\" target=\"_blank\" rel=\"noopener\"><i><span style=\"font-weight: 400;\">Data Center<\/span><\/i><\/a><i><span style=\"font-weight: 400;\">. <\/span><\/i><i><span style=\"font-weight: 400;\">Refer to our <\/span><\/i><a href=\"https:\/\/www.redfin.com\/news\/data-center-metrics-definitions\/\" target=\"_blank\" rel=\"noopener\"><i><span style=\"font-weight: 400;\">metrics definition page<\/span><\/i><\/a><i><span style=\"font-weight: 400;\"> for explanations of metrics used in this report. Metro-level data is not seasonally adjusted.<\/span><\/i><\/p>\n<ul>\n<li aria-level=\"1\"><b>Pending sales: <\/b><span style=\"font-weight: 400;\">In <\/span><a href=\"https:\/\/www.redfin.com\/city\/2287\/ID\/Boise\"><span style=\"font-weight: 400;\">Boise<\/span><\/a><span style=\"font-weight: 400;\">, pending sales fell 70.1% year over year, more than any other metro Redfin analyzed. It was followed by <\/span><a href=\"https:\/\/www.redfin.com\/city\/1336\/LA\/Baton-Rouge\"><span style=\"font-weight: 400;\">Baton Rouge, LA<\/span><span style=\"font-weight: 400;\"> (-66%) and <\/span><span style=\"font-weight: 400;\">Allentown, PA<\/span><\/a><span style=\"font-weight: 400;\"> (-54%). The smallest declines were in <\/span><a href=\"https:\/\/www.redfin.com\/city\/30794\/TX\/Dallas\"><span style=\"font-weight: 400;\">Dallas<\/span><\/a><span style=\"font-weight: 400;\"> (-0.3%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/30827\/TX\/Fort-Worth\"><span style=\"font-weight: 400;\">Fort Worth<\/span><\/a><span style=\"font-weight: 400;\"> (-2.2%) and <\/span><a href=\"https:\/\/www.redfin.com\/city\/2832\/NY\/Buffalo\"><span style=\"font-weight: 400;\">Buffalo, NY<\/span><\/a><span style=\"font-weight: 400;\"> (-3.5%).<\/span><\/li>\n<li aria-level=\"1\"><b>Closed sales:<\/b><span style=\"font-weight: 400;\"> In <\/span><a href=\"https:\/\/www.redfin.com\/city\/17887\/WA\/Tacoma\"><span style=\"font-weight: 400;\">Tacoma, WA<\/span><\/a><span style=\"font-weight: 400;\">, closed home sales dropped 38.9% year over year, more than any other metro Redfin analyzed. Next came Seattle (-34.7%) and <\/span><a href=\"https:\/\/www.redfin.com\/city\/30772\/OR\/Portland\"><span style=\"font-weight: 400;\">Portland, OR<\/span><\/a><span style=\"font-weight: 400;\"> (-32.9%). The smallest declines were in <\/span><a href=\"https:\/\/www.redfin.com\/city\/30756\/GA\/Atlanta\"><span style=\"font-weight: 400;\">Atlanta<\/span><\/a><span style=\"font-weight: 400;\"> (-1.5%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/12742\/FL\/North-Port\"><span style=\"font-weight: 400;\">North Port, FL<\/span><\/a> <span style=\"font-weight: 400;\">(-2.1%) and Fort Worth (-4.4%).<\/span><\/li>\n<li aria-level=\"1\"><b>Prices: <\/b><span style=\"font-weight: 400;\">Median sale prices fell from a year earlier in 40 of the metros Redfin analyzed. The biggest declines were in <\/span><a href=\"https:\/\/www.redfin.com\/city\/30818\/TX\/Austin\"><span style=\"font-weight: 400;\">Austin<\/span><\/a><span style=\"font-weight: 400;\"> (-15.1%), Boise (-14.3%) and <\/span><a href=\"https:\/\/www.redfin.com\/city\/13654\/CA\/Oakland\"><span style=\"font-weight: 400;\">Oakland<\/span><\/a><span style=\"font-weight: 400;\"> (-11.2%). The biggest increases were in <\/span><a href=\"https:\/\/www.redfin.com\/city\/9406\/CT\/Hartford\"><span style=\"font-weight: 400;\">Hartford<\/span><\/a><span style=\"font-weight: 400;\"> (10%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/16162\/NY\/Rochester\"><span style=\"font-weight: 400;\">Rochester<\/span><\/a><span style=\"font-weight: 400;\"> (9.7%) and <\/span><a href=\"https:\/\/www.redfin.com\/city\/3879\/OH\/Cincinnati\"><span style=\"font-weight: 400;\">Cincinnati<\/span><\/a><span style=\"font-weight: 400;\"> (9.3%).<\/span><\/li>\n<li aria-level=\"1\"><b>Listings: <\/b><span style=\"font-weight: 400;\">New listings fell most from a year earlier in Allentown (-55.7%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/7161\/NC\/Greensboro\"><span style=\"font-weight: 400;\">Greensboro, NC<\/span><\/a><span style=\"font-weight: 400;\"> (-51.1%) and Boise (-48.8%). They fell least in <\/span><a href=\"https:\/\/www.redfin.com\/city\/11570\/TX\/McAllen\"><span style=\"font-weight: 400;\">McAllen, TX<\/span><\/a><span style=\"font-weight: 400;\"> (-7.3%), Buffalo (-8.9%) and <\/span><a href=\"https:\/\/www.redfin.com\/city\/6171\/TX\/El-Paso\"><span style=\"font-weight: 400;\">El Paso, TX<\/span><\/a><span style=\"font-weight: 400;\"> (-9.4%).<\/span><\/li>\n<li aria-level=\"1\"><b>Supply: <\/b><span style=\"font-weight: 400;\">Active listings fell most from a year earlier in Allentown (-46%), Greensboro (-38.6%) and Cincinnati (-37.6%). They rose most in North Port (50.8%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/14233\/LA\/New-Orleans\"><span style=\"font-weight: 400;\">New Orleans<\/span><\/a><span style=\"font-weight: 400;\"> (45.9%) and McAllen (40.4%).<\/span><\/li>\n<li aria-level=\"1\"><b>Competition:<\/b><span style=\"font-weight: 400;\"> In Rochester, 72.7% of homes sold above their final list price, down from 75.8% a year earlier. That 3.1-percentage-point decline is the smallest among the metros Redfin analyzed. Next came <\/span><a href=\"https:\/\/www.redfin.com\/city\/35759\/WI\/Milwaukee\"><span style=\"font-weight: 400;\">Milwaukee<\/span><\/a><span style=\"font-weight: 400;\"> (-3.4 ppts) and Hartford (-4.3 ppts). The largest declines were in Austin (-48 ppts), Dallas (-40.4 ppts) and North Port (-36.9 ppts).<\/span><\/li>\n<\/ul>\n<div id=\"viz1687299899400\" class=\"tableauPlaceholder\" style=\"position: relative;\"><noscript><a href='http:&#47;&#47;www.redfin.com&#47;blog'><img alt=' ' src='https:&#47;&#47;public.tableau.com&#47;static&#47;images&#47;Re&#47;RedfinDataCentertrend&#47;MedianSalePrice&#47;1_rss.png' style='border: none' \/><\/a><\/noscript><object class=\"tableauViz\" style=\"display: none;\" width=\"300\" height=\"150\"><param name=\"host_url\" value=\"https%3A%2F%2Fpublic.tableau.com%2F\" \/><param name=\"embed_code_version\" value=\"3\" \/><param name=\"site_root\" value=\"\" \/><param name=\"name\" value=\"RedfinDataCentertrend\/MedianSalePrice\" \/><param name=\"tabs\" value=\"yes\" \/><param name=\"toolbar\" value=\"yes\" \/><param name=\"static_image\" value=\"https:\/\/public.tableau.com\/static\/images\/Re\/RedfinDataCentertrend\/MedianSalePrice\/1.png\" \/><param name=\"animate_transition\" value=\"yes\" \/><param name=\"display_static_image\" value=\"yes\" \/><param name=\"display_spinner\" value=\"yes\" \/><param name=\"display_overlay\" value=\"yes\" \/><param name=\"display_count\" value=\"yes\" \/><\/object><\/div>\n<p><script type='text\/javascript'>                    var divElement = document.getElementById('viz1687299899400');                    var vizElement = divElement.getElementsByTagName('object')[0];                    vizElement.style.width='850px';vizElement.style.height='550px';                    var scriptElement = document.createElement('script');                    scriptElement.src = 'https:\/\/public.tableau.com\/javascripts\/api\/viz_v1.js';                    vizElement.parentNode.insertBefore(scriptElement, vizElement);                <\/script><\/p>\n<p><i><span style=\"font-weight: 400;\">Below is a market-by-market breakdown of home-purchase cancellations, which aren\u2019t in the Redfin <\/span><\/i><a href=\"https:\/\/www.redfin.com\/news\/data-center\/\" target=\"_blank\" rel=\"noopener\"><i><span style=\"font-weight: 400;\">Data Center<\/span><\/i><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Home-Purchase Cancellations<\/span><\/h3>\n<p><i><span style=\"font-weight: 400;\">Data below came from a list of the 50 most populous metro areas.\u00a0<\/span><\/i><\/p>\n<table>\n<tbody>\n<tr>\n<td><b>Metro Area<\/b><\/td>\n<td><b>May 2023: Pending Sales That Fell Out of Contract, as % of Overall Pending Sales<\/b><\/td>\n<td><b>April 2023: Pending Sales That Fell Out of Contract, as % of Overall Pending Sales<\/b><\/td>\n<td><b>May 2022: Pending Sales That Fell Out of Contract, as % of Overall Pending Sales<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Anaheim, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Atlanta, GA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">17.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Austin, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Baltimore, MD<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Boston, MA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Charlotte, NC<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Chicago, IL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Cincinnati, OH<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Cleveland, OH<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Columbus, OH<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Dallas, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">17.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">16.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Denver, CO<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Detroit, MI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">16.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Fort Lauderdale, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">19.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Fort Worth, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">16.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Houston, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">16.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Indianapolis, IN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Jacksonville, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">21.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">19.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">21.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Kansas City, MO<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Las Vegas, NV<\/span><\/td>\n<td><span style=\"font-weight: 400;\">21.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">21.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Los Angeles, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Miami, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">19.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">16.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">19.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Milwaukee, WI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Minneapolis, MN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Montgomery County, PA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Nashville, TN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Nassau County, NY<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">New Brunswick, NJ<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">New York, NY<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Newark, NJ<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Oakland, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Orlando, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">21.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">19.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Philadelphia, PA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Phoenix, AZ<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">19.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Pittsburgh, PA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Portland, OR<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Providence, RI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Riverside, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">17.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">16.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Sacramento, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Antonio, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">17.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Diego, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Francisco, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Jose, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Seattle, WA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">St. Louis, MO<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Tampa, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">21.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Virginia Beach, VA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Warren, MI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Washington, D.C.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">West Palm Beach, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">17.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">17.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>National\u2014U.S.A.<\/b><\/td>\n<td><b>14.4%<\/b><\/td>\n<td><b>13.4%<\/b><\/td>\n<td><b>12.2%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76402\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/06\/pendings-fallen-thru--1024x708.png\" alt=\"\" width=\"700\" height=\"484\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/06\/pendings-fallen-thru--1024x708.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/06\/pendings-fallen-thru--300x207.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/06\/pendings-fallen-thru--768x531.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/06\/pendings-fallen-thru-.png 1300w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The pool of homes for sale is shrinking because homeowners feel trapped by rising mortgage rates, with new listings down 25% to the third lowest level on record. A shortage of homes for sale is fueling bidding wars in some areas despite sluggish homebuyer demand; 37% of homes that sold in May went for more [&hellip;]<\/p>\n","protected":false},"author":13346,"featured_media":76393,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8,22],"tags":[32],"dashboard":[],"coauthors":[125],"class_list":["post-76392","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","category-market-tracker","tag-housing-market-tracker"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>There Were Fewer Homes for Sale in May Than Any Month on Record<\/title>\n<meta name=\"description\" content=\"The number of homes for sale fell 7% to 1.4 million. 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