(HAR Report): The time it took to sell a home fell by more than three weeks versus May 2020. Days on Market (DOM) went from 58 to 34. Due to strong buyer demand and surging home sales, inventory registered a record low 1.4-months supply compared to 3.3 months a year earlier. That figure is unchanged from March 2021 and is below the current national inventory level of 2.4 months recently reported by NAR.
Broken out by housing segment, May sales performed as follows:
$1 - $99,999: decreased 34.7 percent
$100,000 - $149,999: decreased 31.5 percent
$150,000 - $249,999: decreased 6.5 percent
$250,000 - $499,999: increased 82.8 percent
$500,000 - $749,999: increased 166.0 percent
$750,000 and above: increased 291.0 percent
HAR also breaks out sales figures for existing single-family homes. Existing home sales totaled 7,975 in May, up 60.6 percent compared to the same month last year. The average sales price shot up 35.6 percent to $390,230 while the median sales price climbed 29.3 percent to $303,775 – both record prices.