Benchmark prices up accross the board, between 20.1%-27.3% compared to May 2021.

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.

Regardless of the change to the HPI this is the first month that detached home's have seen their benchmark price decline in 2 years and 7 month. 
The last time the benchmark decreased was in October 2019. 

The May benchmark for detached homes is $288,900 higher than its 2021 counterpart. 

April: $1,469,900 (old HPI calculation had the April benchmark at $1,447,600)
May: $1,438,500 (new HPI)

Supply:

April saw supply increase across the board. 

Detached homes saw 36 more listings than April 2022, and a 20.1% increase over the same time last year.
Condos saw 18 more listings than April 2022, however supply is only 2.3% above May 2021.
Townhouses kept pace with April 2022 with only 1 more listing in May. Supply has still blown past May 2021 by 60.6%

Sales:

Although the market on par with April 2022, sales plummeted compared to May 2021...with detached homes hit the hardest.
Sales are down between 19.6%-48.1%. 


Townhouse Market:

Townhouse benchmark prices drcreased for the second consecutive month.
Townhouse benchmark pricing is down $23,900 in the last 30 days. (based on new HPI)
The pricing slip is due, at least in part, to increasing supply, and more options for buyers which means more competition for sellers.

SNAPSHOT: 

Very Similar To April: Supply increase. Sales Down. Townhomes Dip.