This Week in Real Estate

June 7, 2021

The seller’s market continues as half of all U.S. homes sell above list price in May. Meanwhile, buyers continue to capitalize on mortgage rates below 3% as we see solid job gains in May. I take a closer look This Week in Real Estate.

* Half of All U.S. Homes Are Selling Above List Price in May. According to national property broker Redfin, a record high of 50% of all homes sold for more than their list price during the four weeks ending May 16, 2021.This marks an increase of 23 percentage points from the same period a year earlier.

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Mortgage Rates Spend Another Week Below 3%. Mortgage rates were on the rise last week but remained just below 3%, offering borrowers another opportunity to lock in historically low rates. Still, the National Association of Realtors (NAR) cautions that borrowers should expect mortgage rates to increase modestly in the following months as the economy continues to recover. NAR forecasts the 30-year fixed-rate mortgage to average 3.20% in 2021. 30-year fixed-rate mortgages averaged 2.99%, up from last week’s 2.95% average. Last year at this time, 30-year rates averaged 3.18%.  

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* Solid Job Gains in May. Job gains accelerated in May as vaccination rates increased and COVID-19 restrictions lifted. Total payroll employment rose by 559,000 and the unemployment rate decreased to 5.8% in May. The May decrease in the unemployment rate reflected the decrease in the number of persons unemployed (-496,000) and the increase in the number of persons employed (444,000).It marks the fifth consecutive gain. Currently, residential construction employment exceeds its level in February 2020.

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