Trends
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Home-price growth remained in double digits for the 10th straight month in May as inventory lows pushed the median listing prices up 15.2% from last year.
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%).
“Demand is robust throughout the country, but homebuyers continue to be held back by the lack of homes for sale and rapidly increasing home prices.” — MBA Associate Vice President of Economic and Industry Forecasting Joel Kan
Year over year, however, pending home sales were up 57.1%, the NAR said, citing its monthly Pending Home Sales Index.
City life is reawakening after a year marred by the pandemic, but that doesn’t mean the resurgent demand for homes in the neighboring suburbs is coming down any time soon.
First-time homebuyers found their long-term plans changed due to COVID.
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.
The limited inventory that has plagued the housing market continued, although at an abated pace.
An analysis of 10 years of home sales found the spring and summer months offer the most gains for sellers, particularly the month of May.
Realtor.com’s analysis of how quickly homes sell and which city’s listings were viewed the most on its site helped determine the hottest real estate markets for the month of April.
Housing inventory in the Boston area, meanwhile, remained below year-ago levels in April.
Whether they’re still weary of going to a gym full of people or just looking to work off those extra pandemic pounds in privacy, homebuyers are increasingly prioritizing home exercise rooms.
Americans believe it’s a much better time to sell a home than to buy one, according to Fannie Mae’s latest survey of home purchase sentiment.
