Home prices and sales are at their speediest yet, but there are indicators of tempering.
In May, Nationwide listings were at a median $297,000, which is 2 percent higher than in April and 8 percent higher than in May 2017. Annual growth, however, lost steam; in February, home prices were up 10 percent year-over-year.
The average home sold in 55 days—a record—and there were 6 percent less listings than there were a year ago.
As per Javier Vivas, director of Economic Research at realtor.com. “The pace of U.S. home sales has officially reached a seasonal and historical high, but we’re also beginning to see slight signs of deceleration. As more and more new listings come onto the market, inventory declines are starting to lose momentum. However, total listing volume remains highly dependent on new construction, much of which is still out of the price range of first-time buyers—the largest segment of buyers” .
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