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In a less frenzied market, King County’s median home price is nearly $1M
June 13, 2022
Home Prices Soar to New Record High
The median national home price climbed to an all-time high in May, reaching $447,000, realtor.com® reports. Buyers snatched up listings a week faster than a year ago. But despite higher prices and faster sales, housing analysts say there are signs of a slowing housing market.
Active inventory rose 8% annually—the first time that benchmark has been reached in nearly three years, realtor.com®’s monthly housing trends report shows. A rising number of homeowners may be growing more confident in selling.
“Among key factors fueling the inventory comeback are new sellers, who are listing homes at a rate not seen since 2019, as well as moderating demand, with pending listings declining year-over-year in May,” says Danielle Hale, realtor.com®’s chief economist. “While this real estate refresh is welcome news in a still-undersupplied market, it has yet to make a dent in home price growth, partially due to increases in newly listed, larger homes and because the typical seller outlook is quite high, likely shaped by recent experiences of homeowners who sold.” Read More
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