New home listing prices see 43rd straight week of double-digit growth

It is prime time to sell your house and make a move. 

The median listing prices of new homes saw double-digit growth for the 43rd week in a row for the week beginning June 5, a new report shows.

Median listing prices grew at a rate of 13.6% this week over the last year, which is higher than last week's growth rate but lower than any monthly growth rates seen so far in 2021, according to Realtor.com's weekly housing trends report.

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"In addition to a time of remembrance, for many, the Memorial Day weekend marks the start of the summer complete with barbecues, vacations, and pool or beach time. It’s also when home buying season is in full swing," Realtor.com Chief Economist Danielle Hale wrote in her report. 

New listings were down 1% after eight consecutive weeks of increases year-over-year, though Hale pointed to a late Memorial Day weekend, "rising seller sentiment and more homeowners planning to sell" as the reasoning behind what she expects to be a short-lived dip in new sellers.

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Additionally, total active inventory, or the total number of homes for sale currently, is also down 46% from this time last year, which Hale said is a "substantial improvement over the last few weeks." Time on the market, however, was 35 days faster than last year. 

In May, the median home listing price hit a consecutive four-week, record-high of more than $380,000 and will likely reach new records this summer before dropping this fall, according to the report.

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"With home prices at record highs, seller confidence up, and more homeowners planning to make a move, we expect that we’ll see more new sellers in the weeks ahead, making this dip a temporary one," Hale wrote.

More than 66% of Realtor.com survey respondents said right now is a "good time to sell."