{"id":78096,"date":"2024-06-14T05:00:42","date_gmt":"2024-06-14T12:00:42","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=78096"},"modified":"2024-06-13T16:50:03","modified_gmt":"2024-06-13T23:50:03","slug":"home-sales-fall-to-near-record-low","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/home-sales-fall-to-near-record-low\/","title":{"rendered":"Home Sales Fell to One of the Lowest Levels on Record in May"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>There have been only two months in the past decade with fewer home sales. High home prices, elevated mortgage rates and an ongoing housing shortage are deterring buyers.\u00a0<\/i><\/strong><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>The median U.S. home sale price hit a record high in May as demand continued to outpace supply, with the number of homes for sale roughly 25% below pre-pandemic levels.<\/i><\/strong><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>Still, about one in five sellers cut their list prices, as homes in many areas are sitting on the market.<\/i><\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Home sales fell 1.7% month over month in May on a seasonally adjusted basis and dropped 2.9% from a year earlier. There have been just two months in the past decade with fewer home sales: October 2023, when mortgage rates jumped to a 23-year high, and May 2020, when the onset of the pandemic brought the housing market to a halt and home sales to a record low.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-78097\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/06\/sales.png\" alt=\"\" width=\"573\" height=\"390\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/06\/sales.png 573w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/06\/sales-300x204.png 300w\" sizes=\"(max-width: 573px) 100vw, 573px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cBuyers today are facing many of the realities of a hot market even though few homes are changing hands,\u201d said Redfin Senior Economist <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/elijah-delacampa\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Elijah de la Campa<\/span><\/a><span style=\"font-weight: 400;\">. \u201cSales are sluggish because high homebuying costs are making both house hunters and prospective sellers skittish. And with so few homes for sale, buyers in some markets are getting into bidding wars, which is helping push home prices to record highs.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Sales may pick up later this year if mortgage rates slowly tick down as expected.<\/span><\/p>\n<h3>Home Prices Hit Another Record High in May, and Mortgage Rates Kept Climbing<\/h3>\n<p><span style=\"font-weight: 400;\">The median home sale price rose 5.1% year over year in May to a record $439,716. The <\/span><span style=\"font-weight: 400;\">average 30-year-fixed mortgage rate hit <\/span><a href=\"https:\/\/fred.stlouisfed.org\/graph\/?g=1bnGA\"><span style=\"font-weight: 400;\">7.06%<\/span><\/a><span style=\"font-weight: 400;\">. That\u2019s up from 6.99% one month earlier and 6.43% one year earlier, and is more than double the all-time low of 2.68% during the pandemic. Daily average mortgage <\/span><a href=\"https:\/\/www.mortgagenewsdaily.com\/mortgage-rates\/30-year-fixed\"><span style=\"font-weight: 400;\">rates<\/span><\/a><span style=\"font-weight: 400;\"> did drop to their lowest level in about three months this week after the latest <\/span><a href=\"https:\/\/www.redfin.com\/news\/june-2024-fed-meeting\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">CPI<\/span><\/a><span style=\"font-weight: 400;\"> report showed that inflation is continuing to cool.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> <img decoding=\"async\" class=\"alignnone size-full wp-image-78098\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-13-at-3.42.37\u202fPM.png\" alt=\"\" width=\"571\" height=\"390\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-13-at-3.42.37\u202fPM.png 571w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-13-at-3.42.37\u202fPM-300x205.png 300w\" sizes=\"(max-width: 571px) 100vw, 571px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">Even though homes are selling for more than ever before, many sellers are still having to lower their list prices after putting their homes on the market\u2014one silver lining for buyers.<\/span><\/p>\n<h3>Nearly One of Every Five Homes for Sale Faced a Price Cut<\/h3>\n<p><span style=\"font-weight: 400;\">Nearly one in five (19.2%) homes for sale in May had a price cut, up from 13.2% a year earlier and just shy of the 21.7% record high set in October 2022.<\/span><\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-78099\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-13-at-3.43.15\u202fPM.png\" alt=\"\" width=\"573\" height=\"389\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-13-at-3.43.15\u202fPM.png 573w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-13-at-3.43.15\u202fPM-300x204.png 300w\" sizes=\"(max-width: 573px) 100vw, 573px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Some sellers are reducing their prices because they listed their home for too much initially and it ended up sitting on the market. The typical home for sale in May spent 32 days on the market. While that\u2019s comparable with a year earlier, it\u2019s the highest level for any May since the start of the pandemic.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Price drops are particularly common in areas where housing supply has been rising quickly, like Florida and Texas. In these areas, individual home sellers have been facing strong competition from homebuilders.<\/span><\/p>\n<h3>The Housing Shortage Is Improving, But Remains Severe<\/h3>\n<p><span style=\"font-weight: 400;\">New listings rose 0.3% month over month in May on a seasonally adjusted basis and climbed 8.8% from a year earlier. Still, they were roughly 20% below pre-pandemic (May 2019) levels. That\u2019s largely because many homeowners don\u2019t want to sell, as they feel \u201c<\/span><a href=\"https:\/\/www.redfin.com\/news\/mortgage-rate-lock-in-housing-2023\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">locked in<\/span><\/a><span style=\"font-weight: 400;\">\u201d by the low mortgage rate they scored during the pandemic. <img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-78100\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-13-at-3.44.10\u202fPM.png\" alt=\"\" width=\"575\" height=\"386\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-13-at-3.44.10\u202fPM.png 575w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-13-at-3.44.10\u202fPM-300x201.png 300w\" sizes=\"(max-width: 575px) 100vw, 575px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">Active listings, or the total number of homes for sale, rose 0.4% month over month on a seasonally adjusted basis and jumped 11.1% from a year earlier\u2014the largest annual gain since the start of 2023. Still, active listings were about 25% below pre-pandemic levels.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While new listings represent the number of homes that were <\/span><i><span style=\"font-weight: 400;\">listed<\/span><\/i><span style=\"font-weight: 400;\"> for sale during a given month, active listings represent the <\/span><i><span style=\"font-weight: 400;\">total<\/span><\/i><span style=\"font-weight: 400;\"> number of homes that were for sale during a given month. That means that the latter metric includes homes that aren\u2019t selling. One reason active listings have risen so much is that in some areas, homes are lingering on the market and getting <\/span><a href=\"https:\/\/www.redfin.com\/news\/stale-inventory-may-2024\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">stale<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Active listings are also soaring along Florida\u2019s southwest Gulf Coast. In North Port, they surged 51.1% year over year on an unadjusted basis\u2014the largest increase in the nation. Next came Tampa (46%) and Cape Coral (45.1%). Those housing markets are cooling faster than anywhere else in the country amid a new-construction boom, intensifying natural disasters and soaring insurance costs, a <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-markets-cooling-fast-florida\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">separate<\/span><\/a><span style=\"font-weight: 400;\"> Redfin report found.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, many of the markets that are holding up best and seeing price increases\u2014like Rochester, NY\u2014are relatively affordable and have near-record-low supply.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">May 2024 Highlights: United States<\/span><\/h3>\n<table>\n<thead>\n<tr>\n<th><\/th>\n<th><b>May 2024<\/b><\/th>\n<th><b>Month-over-month change<\/b><\/th>\n<th><b>Year-over-year change<\/b><\/th>\n<\/tr>\n<tr>\n<th><b>Median sale price<\/b><\/th>\n<th><span style=\"font-weight: 400;\">$439,716<\/span><\/th>\n<th><span style=\"font-weight: 400;\">1.6%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">5.1%<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Homes sold, seasonally adjusted<\/b><\/th>\n<th><span style=\"font-weight: 400;\">407,959<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-1.7%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-2.9%<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>New listings, seasonally adjusted<\/b><\/th>\n<th><span style=\"font-weight: 400;\">527,785<\/span><\/th>\n<th><span style=\"font-weight: 400;\">0.3%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">8.8%<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>All homes for sale, seasonally adjusted (active listings)<\/b><\/th>\n<th><span style=\"font-weight: 400;\">1,634,420<\/span><\/th>\n<th><span style=\"font-weight: 400;\">0.4%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">11.1%<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Months of supply<\/b><\/th>\n<th><span style=\"font-weight: 400;\">2.3<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-0.1<\/span><\/th>\n<th><span style=\"font-weight: 400;\">0.4<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Median days on market<\/b><\/th>\n<th><span style=\"font-weight: 400;\">32<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-3<\/span><\/th>\n<th><span style=\"font-weight: 400;\">0<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Share of for-sale homes with a price drop<\/b><\/th>\n<th><span style=\"font-weight: 400;\">19.2%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">2.4 ppts<\/span><\/th>\n<th><span style=\"font-weight: 400;\">6 ppts<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Share of homes sold above final list price<\/b><\/th>\n<th><span style=\"font-weight: 400;\">35.0%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">1.4 ppts<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-2.4 ppts<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Average sale-to-final-list-price ratio<\/b><\/th>\n<th><span style=\"font-weight: 400;\">99.9%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">0.2 ppts<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-0.1 ppts<\/span><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\n<p style=\"text-align: center;\"><a href=\"https:\/\/fred.stlouisfed.org\/graph\/?g=1bnGA\" target=\"_blank\" rel=\"noopener\"><b>Average 30-year fixed mortgage rate<\/b><\/a><\/p>\n<\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">7.06%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">0.07 ppts<\/span><\/td>\n<td>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">0.63 ppts<\/span><\/p>\n<\/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<h3><span style=\"font-weight: 400;\">Metro-Level Highlights: May 2024<\/span><\/h3>\n<p><i><span style=\"font-weight: 400;\">Data in the bullets below came from a list of 85 U.S. metro areas with populations of at least 750,000. A full metro-level data table can be found in the \u201cdownload\u201d tab of the dashboard in<\/span><\/i><i><span style=\"font-weight: 400;\"> 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. All changes below represent year-over-year changes.<\/span><\/i><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Prices: <\/b><span style=\"font-weight: 400;\">Median sale prices rose most from a year earlier in Anaheim, CA (17.6%) Cleveland (15.1%) and Nassau County, NY (14.2%). They fell most in Cape Coral, FL (-2.7%), Honolulu (-2.1%) and Austin, TX (-1.1%).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Price cuts:<\/b><span style=\"font-weight: 400;\"> In Indianapolis, 48.1% of listings had a price drop\u2014a higher share than any other metro Redfin analyzed. Next came Tampa, FL (45.2%) and Denver (44.8%). The lowest shares were in Newark, NJ (13.4%), Lake County, IL (15%) and Milwaukee (15.2%).<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><i><span style=\"font-weight: 400;\">Note: Three of the 10 metros with the highest shares of price drops are in Florida and three are in Texas.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>New listings: <\/b><span style=\"font-weight: 400;\">New listings rose most in San Jose, CA (32.7%), Seattle (31.2%) and Denver (31.1%). They fell most in Atlanta (-7.7%), New Orleans (-4.4%) and Greensboro, NC (-4.3%).\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Active listings:<\/b><span style=\"font-weight: 400;\"> Active listings rose most in North Port, FL (51.1%), Tampa (46%) and Cape Coral (45.1%). They fell most in New Brunswick, NJ (-8.1%), Chicago (-7.3%) and Raleigh, NC (-5.5%).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Closed home sales:<\/b><span style=\"font-weight: 400;\"> Home sales rose most in San Jose (16.6%), Minneapolis (11.7%) and San Francisco (10.5%). They fell most in Stockton, CA (-15.4%), Buffalo, NY (-15.3%) and San Antonio (-14.3%).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b style=\"font-style: inherit;\">Sold above list price:<\/b><span style=\"font-weight: 400;\"> In Rochester, NY, 77.1% of homes sold above their final list price, the highest share among the metros Redfin analyzed. Next came San Jose (76.1%) and Oakland, CA (68.4%). The shares were lowest in North Port (5.9%), West Palm Beach, FL (8.1%) and Cape Coral (8.6%).<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>There have been only two months in the past decade with fewer home sales. High home prices, elevated mortgage rates and an ongoing housing shortage are deterring buyers.\u00a0 The median U.S. home sale price hit a record high in May as demand continued to outpace supply, with the number of homes for sale roughly 25% [&hellip;]<\/p>\n","protected":false},"author":13346,"featured_media":77670,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","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":"set","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":[20,32,623],"coauthors":[125],"class_list":["post-78096","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","category-market-tracker","tag-housing-affordability","tag-housing-market-tracker","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Home Sales Fell to One of the Lowest Levels on Record in May<\/title>\n<meta name=\"description\" content=\"There are only two months in the past decade with fewer home sales. High prices, elevated mortgage rates and a housing shortage are deterring buyers.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/news\/home-sales-fall-to-near-record-low\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Home Sales Fell to One of the Lowest Levels on Record in May\" \/>\n<meta property=\"og:description\" content=\"There are only two months in the past decade with fewer home sales. 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