Northwest Vermont REALTOR® Association Releases May 2022 Market Statistics

May 2022
FOR IMMEDIATE RELEASE
Contact: Mike Berk, CEO

Northwest Vermont REALTOR® Association Releases May 2022 Market Statistics

After two years of record-setting activity, there are signs the housing market might be cooling. High home prices and a surge in mortgage interest rates are slowing buyer activity, with home sales declining for the third consecutive month under the weight of soaring homeownership costs. The National Association of REALTORS® (NAR) reports existing home sales were down 2.4% from the previous month, while pending sales fell 3.9% as of last measure, extending the trend of recent months. Economists predict sales will continue to soften in the near future, which may put downward pressure on home prices.

Changes for May over last year at this time include:

• New Listings decreased 6.7 percent for single-family homes but increased 17.9 percent for townhouse-condo properties.
• Pending Sales remained flat for single-family properties but increased 20.8 percent for townhouse-condo properties.
• Inventory decreased 35.8 percent for single-family homes and 28.3 percent for townhouse-condo properties.
• The Median Sales Price was up 15.8 percent to $439,950 for single-family homes and 26.7 percent to $332,500 for townhouse-condo properties.
• Days on Market decreased 29.0 percent for single-family homes and 50.0 percent for townhouse-condo properties.
• Months Supply of Inventory decreased 28.6 percent for single-family homes and 25.0 percent for townhouse-condo properties.

The slowdown in sales has provided a much-needed lift to housing supply, with inventory up 10.8% from the previous month according to NAR, although supply remains down 10.4% compared to this time last year, with only 2.2 months’ supply of homes at the current sales pace. As the nation continues to explore ways to solve the ongoing housing shortage, estimated at 5.5 million homes, the Biden administration recently unveiled the Housing Supply Action Plan, which aims to expand housing access through a number of administrative and legislative actions and help relieve the nation’s housing crisis over the next 5 years.

Click the links for a complete Summary Report and the Town by Town Statistics. 

*The Northwest Vermont REALTOR® Association (NVRA) is the “Voice for Real Estate” in northwestern Vermont representing over 650 members involved in all aspects of the residential and commercial real estate industries. The monthly market statistics report is sponsored by NorthCountry Federal Credit Union.