On June 21, 2022, National Association of Realtors® (NAR) reported that that regional existing home sales in the Northeast gained 1.5% to an annual rate 680,000 homes in May of 2022 from of April 2022, but declined 9.3% from May of 2021. The median price in the Northeast was $409,700 in May 2022, sore 6.7% from May of 2021.
Home sales in the Midwest decreased 5.3% to an annual rate 1.240,000 homes in May of 2022 from of April 2022, and lower 7.5% from May of 2021. The median price in the Midwest was $294,500 in May of 2022, higher 13.5% from May of 2021.
Home sales in the South down 2.8% to an annual rate 2.410,000 homes in May of 2022 from April of 2022, and dropped 8.4% from May of 2021. The median price in the South was $375,000 in May of 2022, rose 20.6% from May of 2021.
Home sales in the West declined 5.3% to an annual rate 1.080,000 homes in May of 2022 from April of 2022, and fell 10.0% from May of 2021. The median price in the West was $633,000 in May of 2022, jumped 13.3% from May of 2021.
Lawrence Yun, NAR chief economist, stated "Home sales have essentially returned to the levels seen in 2019 – prior to the pandemic – after two years of gangbuster performance,"
For more complete information, on NAR's May 2022 regional home sales report, please click HERE
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