New home listing prices see 43rd straight week of double-digit growth

FAN Editor

It is prime time to sell your house and make a move. 

The median listing prices of new homes saw double-digit growth for the 43rd week in a row for the week beginning June 5, a new report shows.

Median listing prices grew at a rate of 13.6% this week, which is higher than last week’s growth rate but lower than any monthly growth rates seen so far in 2021, according to Realtor.com’s weekly housing trends report.

HOME PRICES REACH NEW HIGH IN MAY AS GROWTH PACE SLOWS

“In addition to a time of remembrance, for many, the Memorial Day weekend marks the start of the summer complete with barbecues, vacations, and pool or beach time. It’s also when home buying season is in full swing,” Realtor.com Chief Economist Danielle Hale wrote in her report. 

New listings were down 1% after eight consecutive weeks of increases year-over-year, though Hale pointed to a late Memorial Day weekend, “rising seller sentiment and more homeowners planning to sell” as the reasoning behind what she expects to be a short-lived dip in new sellers.

CLICK HERE TO READ MORE ON FOX BUSINESS  

Additionally, total active inventory, or the total number of homes for sale currently, is also down 46% from this time last year, which Hale said is a “substantial improvement over the last few weeks.” Time on the market, however, was 35 days faster than last year. 

In May, the median home listing price hit a consecutive four-week, record-high of more than $380,000 and will likely reach new records this summer before dropping this fall, according to the report.

GET FOX BUSINESS ON THE GO BY CLICKING HERE   

“With home prices at record highs, seller confidence up, and more homeowners planning to make a move, we expect that we’ll see more new sellers in the weeks ahead, making this dip a temporary one,” Hale wrote.

More than 66% of Realtor.com survey respondents said right now is a “good time to sell.”

Free America Network Articles

Leave a Reply

Next Post

Cement giant LafargeHolcim is teaming up with GE's renewables unit on wind turbine recycling 

Daniel Acker | Bloomberg | Getty Images General Electric’s renewables unit and LafargeHolcim, the world’s biggest cement manufacturer, have struck a deal to explore the recycling of wind turbine blades. A memorandum of understanding will see the companies focus on exploring “circular economy solutions.” Business practices connected to the notion […]