Turning point for the tight housing market, but not in DC

The number of homes for sale nationwide in May was 8% higher than a year earlier, marking the first time since June 2019 that active inventory rose, according to Realtor.com.

Nationwide, active listings are still 48.5% lower than in May 2020.

In the D.C. metro area, active listings in May were higher than a year ago, but just by 1.5%.  And the number of new listings that came on the market in the D.C. region last month was down 5.5%.

Active listings in Baltimore were up 5.5% from last May, while new listings were down 7.3%.

The uptick may be an early sign of a shift in the housing market, with more owners willing to sell while prices are high, and fewer potential buyers wiling to commit to those high prices and rising mortgage rates.

The biggest increases in homes for sale came in some of the hottest markets. Active listings in Austin were up 85.8% from a year earlier, up 49.5% in Denver, up 38.8% in Seattle and up 67.1% in Phoenix.

Even with an increase in listings, prices continue to rise.

In the D.C. metro area, Realtor.com reports the median selling price in May was $588,000, up 15.3% from a year earlier. Homes that went under contract in the D.C. region last month, were on the market an average of 27 days, selling an average 4 days faster than May 2021.

Nationally, the median selling price in May was $477,000, up 17.6% compared to May 2021.

Jeff Clabaugh

Jeff Clabaugh has spent 20 years covering the Washington region's economy and financial markets for WTOP as part of a partnership with the Washington Business Journal, and officially joined the WTOP newsroom staff in January 2016.

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