The
median
U.S.

home
sale
price
reached
a
record
$387,600
in
the
four
weeks
ending
May
19,
marking
a
4%
year-over-year
increase,
according
to

data
released
Thursday
by Redfin. 

The
pricing surge
comes
despite
a
marginal
dip
in
weekly
average

mortgage
rates,
which
fell
from
a
five-month
high
of
7.22%
to
7.02%
at
the
beginning
of
May,
according
to


Freddie
Mac.
Consequently,
the
median
monthly
housing
payment
now
stands
at
$2,854,
just
$20
short
of
April’s
all-time
high.

Simultaneously,
persistently
high
housing
costs
have
driven
pending
home
sales
down
by
4.2%
year
over
year,
the
largest
decline
in
three
months
with
the
exception
of
the
previous
four-week
period,
which
saw
a
4.4%
drop.

The
market
continues
to
grapple
with
insufficient

inventory,
Redfin
reported.
New
listings
have
risen
approximately
8%
compared
to
last
year,
yet
overall
inventory
remains
below
typical
spring
levels.
Many
homeowners,
reluctant
to
exchange
their
current
low
mortgage
rates
for
higher
ones
in
pursuit
of
larger
or
upgraded
homes,
are
staying
put. 

“Move-up
buyers
feel
stuck
because
they’re
ready
for
their
next
house,
but
it
just
doesn’t
make
financial
sense
to
sell
with
current
interest
rates
so
high,”
Sam
Brinton,
a
Redfin
Premier
agent
in
Salt
Lake
City,
said
in
the
report.
“The
homeowners
listing
right
now
are
often
doing
so
because
they
need
to:
One
of
my
clients
is
selling
due
to
a
family
emergency,
and
another
couple
is
selling
because
they
had
a
baby
and
simply
don’t
have
enough
room. 

“Buyers
should
take
note
that
many
of
today’s
sellers
are
motivated;
if
a
home
doesn’t
have
other
offers
on
the
table,
offer
under
asking
price
and/or
ask
for
concessions
because
many
sellers
are
willing
to
negotiate.”

The
U.S.
metro
areas
with
the
largest
year-over-year
increases
in
median
sale
prices
during
the
four
weeks
ending
May
19
were
Anaheim,
California
(20.1%);
Detroit
(16.9%);
San
Jose
(12.9%);
Oakland
(12.5%);
and
West
Palm
Beach,
Florida
(12%). 

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