By the Numbers
Inventory levels rebounded last month, finally showing signs of recovery following a year of historical declines.
Although pending sales are up 29% from last year, they are starting to slow down, dropping 9.7% from their peak four weeks ago.
Single-family housing starts were up 4.2% from April and 49.8% from May 2020, at 1,098,000, according to the U.S. Census Bureau and Department of Housing and Urban Development.
Housing inventory also saw an increase from year-ago levels last month.
Of the 99 million residential properties in the U.S., approximately 1.4 million (or 1.4%) are vacant this quarter, with “zombie” home rates increasing both quarterly (21%) and annually (5.6%).
Year over year, however, pending home sales were up 57.1%, the NAR said, citing its monthly Pending Home Sales Index.
Median home sales prices in Massachusetts continued to rise in April due to strong buyer demand and record-low inventory.
The median sales price of new homes sold in April was $372,400, up from $334,200 in March and $310,100 a year ago.
The pace of housing-price gains in Boston quickened in March, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, which showed a 2.6% increase from February and a 14.9% increase from a year earlier, compared to a gain of 0.9% the previous month.
Housing inventory in the Boston area, meanwhile, remained below year-ago levels in April.