The average price of the house gave again in May a blow to the hopes of the buyers, primarily first-time homebuyers, posting a new all-time high of $447,000.
Neither the first 9% increase in housing inventory Not even weaker buyer demand managed to cool the pace of growth in average US home prices.
An increase in housing inventory and lower demand would normally lead to lower prices; however, March reached a new milestone, after average prices broke the $400,000 barrier in March.
According to an analysis published by the specialized site Realtor.com, the highest price increases touched from the cost of the square foot to the pending quotes, which would show that there are additional pressures that are leading prices to continue to climb.
For Realtor.com, these factors would have to do with the fact that larger houses, with more square feet, are being added to the market, since sellers do not finish adjusting to the dynamics of supply and demandwith buyers looking for more affordable housing.
But the average price is not the only indicator that would show that the market is still through the roof, but rather that this maximum price had its fastest increase in year-on-year termswith 17.6% more compared to May 2021.
The only indicator that, according to Realtor.com, would show that buyer demand is weakening is the average price of a typical pending listing, which fell one percentage point to 16.1% from 17.2% in April.
The markets that according to Realtor.com made profits on their average prices contribution, on average 13%, were:
– Miami, Florida +45.9%
– Nashville, Tenn. +32.5%
– Orlando, Fla. +32.4%
The markets in which average listed prices fell in the year-over-year comparison were:
– Rochester, New York -9.7%
– Cincinnati, Cleveland -2.3%
– Detroit, Mich. -1.8%
– Buffalo, New York -1.2%
Finally, this is the list of the 10 metropolitan areas in which the highest average housing prices were recorded.
1. San Jose-Sunnyvale-Santa Clara, California – $1,494,000
2. San Francisco-Oakland-Hayward, California – $1,129,000
3. Los Angeles-Long Beach-Anaheim, California – $972,000
4. San Diego-Carlsbad, California – $926,000
5. Seattle-Tacoma-Bellevue, Washington – $834,000
6. Boston-Cambridge-Newton, Mass.-New Hampshire – $772,000
7. New York-Newark-Jersey City, New York-New Jersey-Pennsylvania – $720,000
8. Denver-Aurora-Lakewood, Colo. – $695,000
9. Sacramento–Roseville–Arden-Arcade, Calif. – $649,000
10. Austin-Round Rock, Texas – $627,000
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