- More affordable homes are coming onto the market.
- In May, there were 35.2% more homes for sale than a year earlier.
- Every region in the U.S. saw gains in May.
Mortgage rates are high, home prices are lofty and selection is slim.
There isn’t much to like about the housing market, except for one small positive: more affordable homes are coming onto the market, according to real estate marketplace Realtor.com.
In May, the national median listing price inched up 0.3% to $442,500 from a year earlier, but price per square foot rose 3.8%, Realtor.com said. Since May 2019, the median listing price has jumped 37.5% while price per square foot soared 52.7%.
With huge price gains since 2019, homes don’t feel like a bargain. But Realtor.com says the big difference between the percentage changes in listing price and price per square foot indicates more affordable homes are for sale now.
“The share of inventory of smaller and more affordable homes has grown, which helps hold down the median price even as per-square-foot prices grow further,” said Realtor.com’s chief economist Danielle Hale. “Some much-welcomed news for prospective buyers.”
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In May, there were 35.2% more homes for sale than a year earlier, Realtor.com said, the seventh consecutive month inventory rose, which is good news for buyers in itself, it said.
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But “a deeper dive into the mix…
