A Look at The National Numbers
Here are the recent national statistics broken down by region.
Some of you might already know, but there was a dip in sales for the national real estate market. Usually, we focus on the South and Florida, but today I wanted to take you through all of the national numbers. It can be important to look at these numbers to predict changes.
Pending home sales dropped by 1.9% from May into June. This is a national average, so some places might be better and some lower. Pending sales tell us where the market is going—they're forward-looking.
Now, home prices have increased by 17% comparing this May to May of 2020. This number might seem contradictory to the pending sales, but remember the pending sales are looking forward. The prices are high because the inventory has been so low, but the uptick in interest rates we had a month ago seems to have dropped consumption across the nation.
In the Midwest, pending sales increased by 0.5% going into June, but are up 8.7% from last year. They are down month over month but up year over year.
In the South, pending sales fell by 3% and are down by 4.7% from June last year. These numbers are not as aggressive as we would’ve thought.
In the West, pending sales decreased by 3.8%, and they were down 2.6% annually as well. Those numbers reflect a lot of people fleeing from California, and that’s causing a softening.
New home sales are down 6% from the month and down only 20% from a year ago.
We’re seeing new home sales and all these different regions softening. Trends normally fluctuate quite a bit, but you need to keep your eye on this. A couple of months is not enough time to tell, but we are seeing a subtle trend downwards right now.
If you have questions about our market or real estate in general, call or email us. We would love to help you.