Weakening Home Sales Suggest a Post-Pandemic Cool Down

National home sales are showing signs of weakness after a market boom during the pandemic. Over a four-week period ending May 2, home sales fell 3%, according to a new report from Redfin analyzing home sales. In the subsequent four-week period ending May 28, housing prices also fell $2,500 to a median of $354,975. These trends could indicate the housing market is cooling.

New home listings also fell. From the four-week period ending May 2, new home listings decreased 8% from the same time in 2019 and 37% from the same period in 2021, when the housing market was taken off. Home listings are also down 5% from the peak in 2021. Overall, houses are staying on the market longer and past bid-review dates, and homes are either getting fewer offers than in the spring or in some cases only a single offer, according to Seattle Redfin real estate agent Alysan Long.