The U.S. housing market saw more houses for sale despite a pullback by sellers during the week ended June 5, likely due to the holiday weekend, according to realtor.comÂ®â€™s Weekly Housing Trends Report.
â€śMemorial Day Weekend marks both a time for remembrance and the start of the summerâ€”also when home-buying season is in full swing. This yearâ€™s holiday fell almost a week later than usual, which is likely behind sellers adding fewer listings to the market this week,â€ť said realtor.comÂ® Chief Economist Danielle Hale. â€śWith home prices at record highs, seller confidence up and more homeowners planning to make a move, we expect that weâ€™ll see more new sellers in the weeks ahead, making this dip a temporary one.â€ť
According to the realtor.comÂ® analysis for the week ended June 5:
– Median listing prices increased 13.6% year-over-year, the 43rd straight week of double-digit growth. The U.S. median home price grew 15.2% in May to a new high of $380,000. Despite this weekâ€™s uptick, home price growth has generally tapered in recent weeks.
– New listingsâ€”a measure of seller activityâ€”were down 1% year-over-year, following eight weeks of growth, likely due to the Memorial Day holiday weekend.
– Total active inventoryâ€”the number of homes available for sale on realtor.comÂ® without a contractâ€”was 46% lower than last year, marking the third consecutive week of declines, under half of last yearâ€™s levels.
– Time on market was down 35 days year-over-year, following the trend seen in May of homes selling more than a month faster than last year. Homebuyers will likely continue to act quickly as competition increases during the typically busy summer season.
Find realtor.comÂ®â€™s full Housing Trends report here.