Home sales were up in May thanks to inventory and new listings reaching levels that have not been seen since the second half of 2022, according to new data from RE/MAX LLC, a subsidiary of RE/MAX Holdings (NYSE: RMAX).
In the 53 metro areas tracked by RE/MAX in May, the number of newly listed homes was up 5.3% from April and was 15.1% compared to May 2023. The markets with the biggest year-over-year increase in new listings percentage were San Diego (up 31%), Phoenix (up 30.1%) and Seattle (up 25.9%).
The number of homes for sale in May was up 8.7% from the previous month and up 39.6% from one year earlier. The months’ supply of inventory was 1.9, up from 1.7 in April 2024, and up from 1.3 in May 2023.
As a result of expanded choices for buyers, overall home sales in May were up 10.9% from the previous month and up 0.7% from one year earlier.
During May, the median sales price of the 53 metro areas tracked by RE/MAX was $435,000, up 2.4% from April and up 4.8% from May 2023. The markets with the biggest year-over-year increase in median sales price were Cleveland (up 18.9%), Los Angeles (up 12.1%) and New York City (up 11.9%.) Three markets tied for the biggest year-over-year decrease in median sales price: Birmingham Honolulu and San Antonio each recorded a 1.6% decline.
“More sellers are seeing the advantages of listing their homes now. They’re getting their asking price and enjoying the benefits of a relatively quick sale,” said Amy Lessinger, president of RE/MAX LLC. “Growing inventory offers more options for homebuyers, too, and we’re seeing more sales activity as a result. Mortgage rates continue to impact the rhythm of the housing market. If inventory keeps bulking up and mortgage rates don’t change, prices may eventually start to soften.”
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