Some May 2023 Stats....

I am sharing this week's NAR-released data regarding the  May 2023 median sales prices and sales volumes for existing homes. Though the national median sales price is down 3.1% year over year, it continues to climb from the mid-winter low, and we shall soon move beyond year-over-year comparisons with the peak national prices seen in May & June 2022.

Below is a longer-term quarterly median house sales price chart through Q1 2023.

As inventory remains low, we should see prices continue to remain elevated relative to historic numbers.  National sales volume climbed substantially from April, but remained about 18% below May 2022.

Months Supply of Inventory (MSI) ticked up slightly, but remains quite low on a longer-term historical basis. (The longer-term - going back to before the pandemic - is not illustrated on this chart.) MSI plunged to historic lows during the pandemic boom, as seen in the early 2022 readings.

Months Supply of Inventory (MSI) ticked up slightly, but remains quite low on a longer-term historical basis. (The longer-term - going back to before the pandemic - is not illustrated on this chart.) MSI plunged to historic lows during the pandemic boom, as seen in the early 2022 readings.

The number of US homes beginning construction surged almost 22% in May 2023 from April, and was up 5.7% year over year. Once again, trends varied enormously by region:  Year-over-year, comparing May 2023 with May 2022, the Northeast region was down 22%, the Midwest was up 24%, the South was up 7%, and the West was up 1%. This is a good sign for our industry as we are in need of additional inventory and there is strong demand to absorb it.

All the above mostly addresses averages and scans the entire US markets, so please be sure to remember that local conditions vary from area to area, state to state, even neighborhood to neighborhood. This is where a professional agent's ability to curate customized and specific data - with insights - matters most....and adds real value to the consumer. Remember these are MAY stats and we are almost in July.....real-time, current specific data is invaluable!

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Sharon Kramlich

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Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.