Knowledge is Power...

Notes on the Residential Real Estate Market - May

From American Enterprise Institute (AEI):

Home Price Appreciation (Annualized) - Down in May

April - 17.5%
May - 17%

These numbers varied greatly across Metro Areas:

Pittsburgh - 7.5%
Cape Coral - 36.9 %

Inventory:

May 2022 - 1 Month
May 2019 - 2.5 Months

From NAR:

Total sales of existing Homes, Condos/Co-ops...

Dropped 3.4% between April and May to a Seasonally Adjusted number of:

5.4 Million units - 2022
5.92 Million units - 2021

That is 10.8 Million Transaction sides, for 1.5 Million REALTORS (An average of 7.2 transaction sides per REALTOR).

Down 8.6% Year Over Year.
Sales fell for the 4th straight month in May

(Major Portals claim tens of million site visitors per month and sell many of these as "leads").

Median Home Price (Half sell for more, half sell for less) hit a new high: $407,600

That is a Year Over Year increase of 14.8% from May of 2021.

Days on Market (DOM)

May - 16 Days
April - 17 Days

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I would say if you're a homebuyer, or a young person looking to buy a home, you need a bit of a reset.

Jerome Powell, Federal Reserve Chairman
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