Homes sales during May marked the fourth consecutive month of increases, up 8.6% from April, according to data from RE/MAX. However, May sales were also 3.5% lower year-over-year.
Across the 52 metro areas surveyed for RE/MAX’s report, the number of homes for sale rose 8.3% month-over-month and surged by 34.8% year-over-year. This marks the 17th consecutive month that inventory has grown year-over-year. New listings also increased 4.4% from April and 7.9% from May 2024, marking the 15th straight month of a year-over-year increase, while the months’ supply of inventory was 2.5 months, up slightly from the 2.4 in April and over half-a-month more than the 1.9 of last May.
The markets with the biggest increase in year-over-year new listings percentage were Washington, DC at +25.4%, Fayetteville, Arkansas, at +25.1%, and Wichita, Kansas at +23.7%. The markets with the biggest year-over-year decrease in new listings percentage were Minneapolis at -7.1%, New Orleans at -4.4%, and Miami at -2.5%.
The median sales price also increased year-over-year for the 23rd straight month to reach $442,000, a 0.6% uptick of $2,500 from May 2024. On average, buyers paid 99% of the asking price in May – the same as in April but slightly below the 100% seen in May 2024.
May’s days on market in May dropped to 39 days – two days lower than the 41 in April, but five days higher than the 34 in May 2024.
“Rising sales, growing inventory, declines in days on market and steady prices are all encouraging signs for the housing industry,” said Erik Carlson, CEO of RE/MAX Holdings, Inc. “It’s great to see the spring market end on a solid note, and we’re optimistic that this momentum could carry into an active summer season.”
