Sellers still getting big prices; demand dips

Nationwide, the red-hot real estate market is losing a bit of its blush as the pressure of inflation and higher interest rates mean fewer buyers are looking for homes.

It’s not bad news, since homes are still selling briskly throughout the country at higher prices. Most homes remained on the market for less than a month.

The number of houses available to buy is growing slightly, perhaps indicating that buyers will have more choices in the coming months. Meanwhile, sellers are getting good prices, especially in cities in the South.

Here is the latest look at the market in the four key regions of the U.S., according to nar.org.

Northeast
Sales in April were up 1.5 percent compared to the previous month, but this was 10.7 percent lower than April last year. Prices on existing homes were up 8.1 percent.

Midwest
Sales in April of existing homes were up 3.1 percent from the prior month, but this was a 1.5 percent slide compared to April 2021. Prices were up 8.7 percent from a year ago.

South
Prices are rising in the South, where home prices posted a 22.2 percent hike from 2021. Sales of existing homes were slower compared to the previous month, with sales falling 4.6 percent, a decrease of 5.7 percent from a year ago.

West
Prices saw a 4.3 percent increase, but much less than in the rest of the country, and sales dropped. Existing-home sales in the West dropped 5.8 percent compared to the previous month, down 8.1 percent from a year ago.

The numbers show that the South and the Midwest were winners during the first quarter of the year, with big price growth compared to last year in cities like Miami (38.3 percent), Orlando (30.7 percent), and Las Vegas (32.6 percent).