Part 4/6:
Pricing Trends and Time on Market
Amid these shifts in sales and supply, home prices have also experienced an interesting trajectory. The median price of an existing home sold in May reached $422,800, marking a year-over-year increase of 1.3%. This figure is not only a new record high for May but also reflects the slowest annual gain seen since June 2023. This pricing trend highlights the complexities of the current market where demand pressures continue to uphold prices, despite overall sales declines.
Interestingly, homes have started to take longer to sell compared to previous years. The average time on the market rose to 27 days, a slight increase from 24 days in the prior year. This extended selling period could indicate shifting buyer sentiment and market conditions.