Benchmark prices are up across the board, between 19%-25.5% over thier 2021 counterparts. 
The May benchmark for detached homes was $365,700 higher than its 2021 counterpart.

Detached Market:

This month there was a major change to how the Home Pricing Index (HPI) is calculated
 in an attempt to make it a more accurate reflection of the market for the average buyer/seller.

The new HPI has had a substantial affect on the benchmark pricing of detached homes. 
According to the old model April's benchmark price was $1,847,800.
The new HPI formula has recalculated April's benchmark at $1,961,800
That is an increase of $114,000 to April 2022's benchmark price.

May marks the first time in just over two years that detached home's benchmark pricing has dropped.
It decreased $11,000 in the last 30-days. 


April: $1,847,800 (old HPI)
April: $1,961,800 (new HPI)
May: $1,950,800

Supply:

Compared to the same time last year supply was down across the board between 5.8%-32.6%
However, compared to April 2022 supply has generally increased.

Sales:

Sales decrease across the board, compared to both April 2022 and May 2021
The market is showing signs that it has entered a holding pattern in anticipation of a transition.
Compared to the same time last year sales are down between 3.8-55.6%

Townhouse Market:

Just like detached home's the new HPI has had a substantial affect on the benchmark pricing of townhouses. 
According to the old model April's benchmark price was $1,064,000.
The new HPI formula has recalculated April's benchmark at $1,149,300
That is an increase of $85,300 to April 2022's benchmark price.

April: $1,064,000 (old HPI)
April: $1,149,300 (new HPI)
May: $1,121,400

May saw the first decrease in benchmark pricing for townhouse's in 21 month. 
Townhouse benchmark pricing is $227,900 higher than the same time in 2021.

SNAPSHOT: 

Decreasing sales. Decreasing Prices. Steady Supply. A market in transition.