Although average and median home sale prices picked up slightly in May ($333,800 to $350,400 and $250,000 to $255,000 respectively), new listing prices took a slight drop (average went from $413,700 to $406,700). Although this is not nessesarily significant, this may indicate continued realization by home sellers that lower pricing is necessary to get their homes sold. Buyers still continue to hold the upper hand, at least until sellers get to a point where continued lowering of prices is not practical.
It's also interesting to note that total home sales, although lower than last year for the same months, appears to be following the same trend. Sales rose from January to March, dropped in April, then picked up again in May. If the trend continues, number of sales will gradually lower but remain fairly flat through the rest of the year.
Link to: Home Sales Per Month
Link to: New Listings Per Month
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