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Sales of existing homes dropped 0.9% in May, according to the National Association of Realtors (NAR). This is now the 4th straight month of declining home sales. All but one of the four major U.S. regions witnessed month-over-month drops in home sales. Sales were up 44.6% from a year ago but that’s not a good comparison given that our housing market was shut down in March into April of last year and that caused home sales to decrease greatly in May 2020.
Because I’m a housing market data nerd and I keep track of this stuff on a regular basis, home prices in the US tied the all-time record high in Feb this year. The median home price then was $313k. In March, home prices once again reached new highs to $329k. And in April, the median home sold price rose to $341,600 which is a 19% increase from a year ago (both are record highs). Now in May they reached another record high of $350k.
To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr FRM increased to 3.26% today for the current mortgage rates. This is mixed news if you’re a homebuyer right now or if you’re a homeowner looking to refinance.
Comment below: what’s your housing market 2021 forecast and housing market forecast 2021? Do you think a housing crash 2021 will happen and there will be a housing crash due to a housing bubble, a 2021 housing market crash 2021 or are your housing market predictions that the real estate market 2021 and home prices 2021 will continue to surge?
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Jason Walter, CPA (lic 103885)
Sacramento Realtor/Sacramento real estate agent and native
Realty ONE Group Complete (DRE 01923240)
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Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video – it is for entertainment purposes only.
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