The National Association of Realtors® publishes May 2022 housing statistics for a number of home sale categories. These categories include several important topics real estate agents should note for their business, including:
- Existing-Home Sales
- Pending Home Sales
- Housing Affordability Index
- Housing Shortage Tracker
- State Housing Statistics
May 2022 Housing Statistics for Existing-Home Sales by NAR
This milestone month is when the median existing-home sales price rose above $400,000 for the first time, to $407,600. This trend marks 123 consecutive months of year-over-year increases. This is the longest-running record of existing-home sales price increases–over 10 years of price increases.
This sales price rise coincides with a continuing month-over-month sales decline of 3.4% over three of four regions. Additionally, there was a year–over-year sales decline of 8.6% over all four regions. Housing inventory rose by 12.6% from April, still below the previous year by 4.1%. However, unsold inventory has risen to 2.6 month supply from April’s 2.2 month’s supply.
- Prices are rising
- Sales are falling
- Inventory is rising
May 2022 Housing Statistics Portend the Shift
Interestingly, this phenomenon is similar to what Gary Keller describes in his best-selling book, SHIFT: How Top Real Estate Agents Tackle Tough Times. There may still be upward movement in prices, but downward movement in sales as the market is heading into a shift.
What are some signs of a shift? Look for the following:
- Increasing expired listings
- Decreasing offers
- Number of months to sell listed homes rising
- Number of days on the market rising
What the Near Future Holds
According to NAR Chief Economist Lawrence Yun, home sales appear to have reset to pre-pandemic levels similar to 2019. Yun also expects to see further sales declines. There are several features of the May 2022 housing statistics that foretell future movement:
- Sales declines will continue due to rising mortgage rates
- Inventory levels are still too low to impact price appreciation
- Home sale prices are still rising in all regions
According to Realtor.com®’s Market Trends Report for May, the following cities represent both ends of the spectrum:
Largest year-over-year median list price growth
- Miami 45.9%
- Nashville 32.5%
- Orlando 32.4%
Highest growth in share of homes with reduction in price
- Austin 14.7%
- Las Vegas 12.3%
- Phoenix 11.6%
Looking specifically at the West region, the trends mirror the national result:
Existing-home sales in the West declined in the May 2022 housing statistics by 5.3% on a month-over-month basis. Concurrently, the median price in the West rose 13.3% on a year-over-year basis to $633,800.
May 2022 Housing Statistics Show the Need for Shift Training
Looking at the NAR’s May 2022 housing statistics, one thing is clear: there is a strong need for agents to attend Shift training. With the changing landscape in the real estate market, real estate agents need to prepare now to develop the skills they will need for success. Conversations will change, marketing activities will adjust, and clients will need assurance. Keller Williams Arizona Realty is embarking on a series of Shift trainings for agents that will prepare them to go into the Shift with confidence and newfound abilities to capture market share.
Contact our coaching team today to learn about the Shift training and how you can benefit from attendance. They will be happy to speak with you about Gary Keller’s ground-breaking Shift book and the important points the class will focus on. Keller Williams Arizona Realty is known as the best Scottsdale real estate brokerage for several reasons: our culture, commitment to agents, and expansive training programs. We are confident you will find that KWAZ is the best real estate brokerage to work for!