The numbers are in for May 2022 and pending homes sales… increased? According to the National Association of Realtors (NAR), May saw a 0.7 percent increase in pending home sales from April which broke a six-month streak of declines.
The Northeast saw the biggest increase
The pending home sales are based on contract signings, which rose 0.7 percent in May to 99.9 according to NAR’s Pending Home Sales Index or PHSI. An index of 100 is equal to the level of contract activity in 2001. Notably, this was a nationwide increase so the actual region-specific numbers varied. According to NAR, the Northeast and South both saw increases and the Midwest and West saw decreases. The Northeast specifically saw a 15.4 percent increase in pending sales (to 86.7) in May which was the largest increase among the regions noted. The Southern region of the U.S. saw a 0.2 percent increase (to 119), the Midwest clocked in at a 1.7 percent decline (to 98.6) and the West saw a 5 percent decrease (to 81.6). All of these regions’ numbers, though some are up for 2022, culminate in a year-over-year decline of 13.6 percent for pending home sales since the same time last year.
What about new construction?
According to the United States Census Bureau (for privately owned housing and seasonally adjusted), building permits were down 7 percent in May from April, but 0.2 percent higher than May of 2021. Housing starts for May were 14.4 percent below that of the month prior and 3.5 percent lower than those of May 2021. Housing completions for May were 9.1 percent above April and 9.3 percent above those in May 2021. The totals were as follows:
Building Permits: 1,695,000
Housing Starts: 1,549,000
Housing Completions: 1,465,000
How about new home sales?
Data by the U.S. Department of Housing and Urban Development shows a decline in new single-family home sales for May 2022 (seasonally adjusted). The rate of seasonally adjusted annual sales totaled 696,000, higher than April’s 629,000 but lower than May 2021’s 740,000. The median national sale price for May 2022 declined to $449,000 and there was an estimate of 440,000 new houses for sale by the end of May, which represents 7.7 months of supply at the current sales rate.
We covered the national market, but you’ll need the data on your own corner of the real estate and lending markets to track the changes that affect you and your team. That’s where our data at The Warren Group comes in. We have plenty of Data Solutions to meet your needs, from our Mortgage MarketShare Module that allows you to track lending activity wherever you need to for that competitive advantage, to the most up-to-date Marketing Lists that let you identify the best prospects for your services, and Data that is unmatched in its accuracy.
Just reach out to one of our Data Specialists and ask about the best market intelligence packages for your business needs.
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