Market News May 15

Market Updates

Today's Market News:

Pending Home Sales Hit Four-Year High


More homebuyer activity was seen recently, encouraged by a temporary dip in mortgage interest rates. Rates fell to 6.23% last week from a six-month high of 6.46% two weeks earlier, before returning concerns about the Iran conflict pushed them back up.

Pending home sales hit their highest level since September 2022 during the four weeks ending May 3rd. They rose 7.7% year-over-year (YoY) on a seasonally adjusted basis.

Buyers had additional good news, as the total number of homes for sale rose around 1% YoY. They were also encouraged by a temporary decline in housing costs. The median U.S. housing payment declined 2.2% YoY, as mortgage rates ticked down.

Still, the market is slower and less competitive than past springs, with most buyers heavily favoring the move-in-ready homes. A Chicago agent commented: "Some homes are attracting multiple offers, but only those that are priced fairly and have been updated."1

Higher Rates Stalled Springtime Recovery


The spring housing market saw a mixed bag of rising inventory, more listings, flat sales and unpredictable mortgage interest rates, according to a recent market report.

New listings totaled more than 426,000 in April, up 2.1% from a year earlier, while home sales were roughly flat — down 0.4% year-over-year. Active inventory rose 3.7% from last April, putting the total number of homes for sale at 1.3 million nationwide.

For the first time in 2026, new listings grew more on an annual basis than home sales did, according to the Zillow® April Market Report published May 6th.

Slightly friendlier conditions for buyers point to the chance of a quick rebound if rates fall back to the 6% range seen earlier this year. Even with the recent spike in mortgage rates, buyers who waited out the 2025 market are enjoying slightly better terms this spring, with more options and improved affordability.2

How To Assist New Clients with Relisting a Home


Considering that an increasing number of home sales aren't closing as planned, you may be working with sellers who decided to hire a new agent to relist their homes. Since there are several potential reasons for home sales falling through, you'll want to discuss these with the seller before proceeding.

  • If a prospective buyer's inspector identified major problems, encourage the seller to have them repaired before relisting. Explain that their home may be considered a fixer-upper within a market where move-in-ready is preferred.
  • If the home's initial price caused the buyer to back out, review recent closed sale prices for similar homes and discuss a lower listing price with the seller.
  • Understanding that many buyers shop online by setting a maximum price is also important. For example, if a seller agrees to lower their price from $405,000 to $398,000, their home will appear in more searches and generate more interest.
  • Updating the home's curb appeal is an affordable way to increase interest, especially if potential buyers are touring the neighborhood and searching for FOR SALE signs.
If the buyer wasn't able to qualify for financing, this is where I can help. Refer interested buyers to me so I can determine if your listing is truly affordable for them.3

Is Facebook Really on The Way Out?


One recent, attention-grabbing headline claimed that Meta (owner of Facebook, Instagram, Threads and WhatsApp) is dying. The opinion piece's author even added "it's about time" to this statement. Does this mean that agents should be looking for alternatives to Facebook and Instagram?

While it's true that people are gradually spending more time on TikTok and Instagram than Facebook, there are still millions of active Facebook users. In addition, Meta is already investing in new developments to help Facebook remain a relevant platform. Another number to remember: Meta made $200.97 billion in 2025, representing a 22% year-over-year increase.

One simple way to address any concerns about your follower numbers is to check them on a regular basis, and to post more of what's most popular. Some social media platforms have built-in analytics that make this easy. Others make it even easier — for example, reviewing your YouTube videos is as easy as scanning each one's viewership numbers.

Another way to research your social media activity is to ask prospects where and how they heard about you. This intel can help you adjust your social media presence accordingly.4

Generation X Leads Multi-Generational Housing Trend

Over the past few years, rising home prices have made solo living unaffordable for more would-be home buyers. Combined with more adults becoming their aging parents' caregivers, this has resulted in the growth of multigenerational households.

Already a tradition in many parts of Europe, the number of these households in the United States grew from 4.3% in 2019 to 4.5% in 2024, with 3.9 million inhabiting these types of homes in 2024.

Currently, demand for these types of homes exceeds supply, which is contributing to higher prices for homes that provide multi-generational features. These may include:
  • Separate living quarters for an aging but still-active relative
  • Single-story designs that help prevent falls on stairs
  • Wider doorways that permit wheelchair access
Generation X buyers aged 46 to 61 currently lead the numbers of multigenerational households. In addition to becoming caregivers of one or more aging parents, children of Gen Xers are returning to their parents' homes after completing college or after a job loss.

If you're working with prospective buyers who are planning to approach home ownership as co-borrowers, refer them to me for assistance.5

Sources: 1redfin.com, 2zillow.mediaroom.com, 3kiplinger.com, 4socialmediatoday.com, 5thestreet.com