Record-Breaking Home Prices: May 2023 Report Reveals Decrease in Contract Closings and Increase in Median Sales Price

Wheeling, Ill., Illinois United States of America
Contract closings decreased by 0.7% from the previous month
Home prices reached record highs in May 2023
Median sales price increased by 5.8% from a year ago to $419,300
South was the main driver of contract closing decline
Record-Breaking Home Prices: May 2023 Report Reveals Decrease in Contract Closings and Increase in Median Sales Price

In a recent turn of events, home prices have reached record highs in May, causing a significant divide between current homeowners and potential buyers. This information has been reported by various sources including ABC News and Fortune. The National Association of Realtors (NAR) data reveals that contract closings decreased 0.7% from the previous month resulting in a 4.11 million annualized rate, with the South being the main driver of this decline.

The inventory of existing homes for sale has seen some increase, however it is still far below pre-pandemic levels when mortgage rates were significantly lower. This explains why prices remain elevated; the median sales price increased 5.8% from a year ago to a record $419,300 reflecting more sales of high-priced properties as well as multiple offers according to NAR data.

Lawrence Yun, Chief Economist at NAR stated,


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Confidence

100%

No Doubts Found At Time Of Publication

Sources

96%

The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
(Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

Video Home prices reaches record high in May

ABC NEWS SITE NAMES Name: ABC News Site Names URL: https://abcnews.go.com/Politics/us-officially-blames-iran_106834435 ABC News Saturday, 22 June 2024 18:18
  • Unique Points
    • Home prices reached a record high in May
    • ABC News reported on the record high home prices
  • Accuracy
    • Median home price increased by almost 6% annually to a record high of $419,300
    • Properties typically stay on the market for 24 days in May, higher than last May’s 18 days
  • Deception (100%)
    None Found At Time Of Publication
  • Fallacies (100%)
    None Found At Time Of Publication
  • Bias (100%)
    None Found At Time Of Publication
  • Site Conflicts Of Interest (100%)
    None Found At Time Of Publication
  • Author Conflicts Of Interest (100%)
    None Found At Time Of Publication

94%

The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
(Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

Existing home sales decline in May as home prices reach record high

Yahoo Finance Rebecca Chen Saturday, 22 June 2024 18:19
  • Unique Points
    • Existing home sales declined for the third straight month in May
    • Home inventory increased almost 7% to 1.28 million units in May from the previous month
    • Median home price increased by almost 6% annually to a record high of $419,300
    • Properties typically stay on the market for 24 days in May, higher than last May’s 18 days
  • Accuracy
    • Sales were down 2.8% year-over-year
    • Sales declined 16% for homes priced under $100,000 and 6% for homes priced under $250,000
  • Deception (100%)
    None Found At Time Of Publication
  • Fallacies (85%)
    The article contains an appeal to authority and inflammatory rhetoric. It also uses a dichotomous depiction of the housing market.
    • . . . leaving homebuyers with affordability challenges that continue to ravage the market.
    • According to the NAR, existing home sales dropped 0.7% in May from April to 4.11 million units on a seasonally adjusted annual basis.
    • The inventory of homes for sale increased almost 7% to 1.28 million units in May from the previous month, according to the NAR.
  • Bias (100%)
    None Found At Time Of Publication
  • Site Conflicts Of Interest (100%)
    None Found At Time Of Publication
  • Author Conflicts Of Interest (100%)
    None Found At Time Of Publication

96%

The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
(Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

Home prices jump to record high, widening the divide in the housing market between current owners and would-be buyers

Fortune Media Inc. Friday, 21 June 2024 00:00
  • Unique Points
    • Existing home sales decreased by 0.7% from the previous month to a rate of 4.11 million annualized.
    • The median sales price for existing homes increased by 5.8% from a year ago to a record $419,300.
  • Accuracy
    • ]The median sales price for existing homes increased by 5.8% from a year ago to a record $419,300.[
    • Properties remained on the market for an average of 24 days in May compared to 26 days in April.
  • Deception (100%)
    None Found At Time Of Publication
  • Fallacies (95%)
    The article contains some instances of appeals to authority and inflammatory rhetoric, but no formal logical fallacies were identified. The author quotes Lawrence Yun, the Chief Economist of the National Association of Realtors (NAR), making an appeal to his expertise as an authority on housing market data. Additionally, the author uses emotive language in stating that 'home prices reaching new highs are creating a wider divide between those owning properties and those who wish to be first-time buyers.' However, these instances do not significantly impact the overall quality of the article and do not detract from its informational value.
    • ][Lawrence Yun], NAR's Chief Economist, said in a statement. '[Home prices reaching new highs are creating a wider divide between those owning properties and those who wish to be first-time buyers](https://fortune.com/2024/06/21/housing-market-crisis-home-prices-record-high-existing-sales-inventory/)'
    • ][The author states that] 'Home prices reaching new highs are creating a wider divide between those owning properties and those who wish to be first-time buyers.'[[/]
  • Bias (100%)
    None Found At Time Of Publication
  • Site Conflicts Of Interest (100%)
    None Found At Time Of Publication
  • Author Conflicts Of Interest (0%)
    None Found At Time Of Publication