School’s out, and as vaccination rates rise and America enters a new normal, the 
U.S. housing market continues along at a frenzied pace, with low interest rates
and limited inventory fueling record high sales prices. May saw the median
existing-home sales price exceed $350,000, a 24% increase and the largest year-
over-year increase since 1999, according to the National Association of
REALTORS®. Eager buyers are making multiple offers, some for well over asking
price, while others are making offers on homes sight unseen.
• Single Family Closed Sales were up 31.4 percent to 9,168.
• Townhouse-Condo Closed Sales were up 74.4 percent to 2,806.
• Adult Communities Closed Sales were up 61.0 percent to 768.
• Single Family Median Sales Price increased 29.2 percent to $458,675.
• Townhouse-Condo Median Sales Price increased 13.5 percent to $315,000.
• Adult Communities Median Sales Price increased 38.1 percent to $290,000.
The increase in sales prices comes with a slight decline in existing home sales
nationwide, as homebuyers struggle with declining affordability amid a lack of
inventory, forcing some buyers to simply wait it out in hopes of more inventory and
less competition. Meanwhile, home builders are trying to meet the increased
market demand, with housing starts up 3.6% in May from April, according to the
Commerce Department. As we ease into new routines and look forward to a post-
pandemic future, one thing remains certain: America desperately needs more
homes.
