REAL ESTATE RESOURCE: COASTAL ASSOCIATION OF REALTORS /OCEAN CITY TODAY
JULY 2021
PAGE 11
Sales drop, likely because of low inventory WASHINGTON – Existing-home sales decreased for a fourth straight month in May, according to the National Association of Realtors. Only one major U.S. region, the Midwest, recorded a month-overmonth increase, while the other three regions saw sales decline. However, each of the four areas again registered double-digit yearover-year gains. Total existing-home sales — single-family homes, townhomes, condominiums and co-ops — dropped 0.9 percent from April to a season-
ally adjusted annual rate of 5.80 million in May. Sales in total climbed year-over-year, up 44.6 percent from a year ago (4.01 million in May 2020). "Home sales fell moderately in May and are now approaching prepandemic activity," said Lawrence Yun, NAR's chief economist. "Lack of inventory continues to be the overwhelming factor holding back home sales, but falling affordability is simply squeezing some firsttime buyers out of the market. "The market's outlook, however, is
encouraging," Yun continued. "Supply is expected to improve, which will give buyers more options and help tamp down record-high asking prices for existing homes." The median existing-home price for all housing types in May was $350,300, up 23.6 percent from May 2020 ($283,500), as every region registered price increases. This is a record high and marks 111 straight months of year-over-year gains since March 2012. Total housing inventory at the end of May amounted to 1.23 million
units, up 7.0 percent from April's inventory and down 20.6 percent from one year ago (1.55 million). Unsold inventory sits at a 2.5month supply at the present sales pace, marginally up from April's 2.4month supply but down from 4.6months in May 2020. Properties typically remained on the market for 17 days in May, unchanged from April and down from 26 days in May 2020. Eighty-nine percent of the homes sold in May 2021 were on the market for less than a month.
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Bethany
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Associate Broker, GRI
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Heselbach REALTOR , GRI, RSPS ®
Licensed in MD & DE
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Licensed in MD
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Hileman
OWNER/BROKER GRI & CRS Licensed in MD, DE
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