After increasing for 10-months straight, the price growth of homes is beginning to slow; according to recent data from Realtor.com, the year-over-year comparison of housing prices was down for the first time in 39 weeks. During the housing market’s peak, sellers could almost set whatever arbitrary price they wanted on their home and offers would roll in; homes were selling 28 days faster than they were a year prior as recently as May 8, 2021. While it appears those days may be coming to an end, May 2021’s median listing price is still on pace to surpass the April record of $375k. The reason for this slowdown appears to be the fact that there are 5% more active listings on the market than this time last year.
With all of that said, a “slow down” does not mean the market is taking a turn for the worse, the market is still incredibly robust. A “slow down” simply means that the rate of increase in home value is increasing at a slower rate. As noted above, the median price of homes will likely continue to break records. All-in-all, it is still a phenomenal time to be a seller.
At the Chernov Team we understand that knowledge is power, and knowledge of how the market is behaving is powerful knowledge indeed. At the Chernov Team we know that whoever comes to the table most prepared leaves with the most, and the Chernov Team always leaves the table with the most.