The U.S. housing market saw more houses for sale despite a pullback by sellers during the week ended June 5, likely due to the holiday weekend, according to realtor.com®’s Weekly Housing Trends Report.
“Memorial Day Weekend marks both a time for remembrance and the start of the summer—also when home-buying season is in full swing. This year’s holiday fell almost a week later than usual, which is likely behind sellers adding fewer listings to the market this week,” said realtor.com® Chief Economist Danielle Hale. “With home prices at record highs, seller confidence up and more homeowners planning to make a move, we expect that we’ll see more new sellers in the weeks ahead, making this dip a temporary one.”
Key Takeaways
According to the realtor.com® analysis for the week ended June 5:
– Median listing prices increased 13.6% year-over-year, the 43rd straight week of double-digit growth. The U.S. median home price grew 15.2% in May to a new high of $380,000. Despite this week’s uptick, home price growth has generally tapered in recent weeks.
– New listings—a measure of seller activity—were down 1% year-over-year, following eight weeks of growth, likely due to the Memorial Day holiday weekend.
– Total active inventory—the number of homes available for sale on realtor.com® without a contract—was 46% lower than last year, marking the third consecutive week of declines, under half of last year’s levels.
– Time on market was down 35 days year-over-year, following the trend seen in May of homes selling more than a month faster than last year. Homebuyers will likely continue to act quickly as competition increases during the typically busy summer season.
Find realtor.com®’s full Housing Trends report here.
