Home sales are falling from their pandemic-fueled highs as home buyers tighten up their budgets. “Home sales have essentially returned to the levels seen in 2019—prior to the pandemic—after two years of gangbuster performance,” says Lawrence Yun, chief economist for the National Association of REALTORS®. Movement in both single-family and condo sales are nearly equal, Yun adds, “possibly implying that the preference toward suburban living over city life that had been present over the past two years is fading, with a return to pre-pandemic conditions.”

Total existing-home sales—completed transactions for single-family homes, townhomes, condos, and co-ops—dropped 3.4% month over month in May, reaching a seasonally adjusted annual rate of 5.41 million, according to NAR’s latest home sales report. Existing-home sales are down 8.6% compared to a year ago.

Western States: Fell 5.3% and reached an annual rate of 1.08 million, marking a 10% decline from a year earlier. Median price: $633,800, an increase of 13.3% from a year ago.

More data at: https://magazine.realtor/daily-news/2022/06/21/home-sales-retreat-to-pre-pandemic-levels