The Blubber

Per Redfin

US home sales saw a record low in May compared to other months, falling 7.1% year-over-year to 1.4 million units. This number was on a seasonally adjusted basis, which was the lowest since 2012.

The decline was also recorded as the first annual decline since April 2022, as new listings were also down by 25% to the third lowest level on record. It was also recorded that 37'% of homes sold during that month were sold for over their listing price.

However, May home prices were still 3% down from the record high in 2022. In May 2019, there were 2.2 million homes for sale, showing a difference compared to pre-pandemic numbers at 38.6%.

Rafael Corrales, a local real estate agent at Redfin Premier, shared the situation in Miami.

Corrales: “There’s a huge lack of housing inventory in Miami, and that combined with higher interest rates is making homebuyers’ lives very challenging. Their money just isn’t going as far,”

In April, it was reported that sales of multi-tenant apartment buildings dropped 74%, reaching a new record since 2009.

During that time, it was reported that there were now two real-estate agents for every home for sale. The study found that 28 million wanted to purchase a home within the year.

See flow at unusualwhales.com/flow.

Other News:

• Sales of multi-tenant apartment buildings dropped 74%, reaching a new record since 2009
• There are now two real-estate agents for every home for sale

Resources:

Redfin