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The median existing-home price for all housing types rose to $350,300 in May, marking another new record.
Market competition has eased up recently, but seven in 10 buyers still face bidding wars, according to a new report from Redfin.
On a year-over-year basis, new-home mortgage applications were down 5.9% in May, the Mortgage Bankers Association reported, citing its Builder Application Survey.
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.
While pending sales are up 29% year over year, they are starting to slow and have fallen 9.7% from their peak.
Increasing costs and the declining availability of key building materials dampened builder sentiment, as higher costs have pushed some new homes beyond the budget of prospective buyers.
Expert panelists from Zillow’s Home Price Expectations Survey say if changes aren’t made, new construction growth will stall, home prices will continue to increase, and less of today’s 30-somethings will have the ability to own a home.
Rising property values had homeowners cashing out of their existing residences to buy bigger homes in less-expensive areas last year.
With half of all homes in today’s market selling above the asking price, the timing of when to list can have an impact on both time on market and sale price.
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.