May Housing Market Blooms — Inventory And Listings Skyrocket

06/20/2024 Hanna

The number of homes listed in the 53 metro areas tracked by RE/MAX increased 8.7% over April and 39.6% year-over-year, reaching their highest levels in May since the latter half of 2022. Surpassing 2023 level by double-digit percentages for the third consecutive month, new listings were reported at 15% in May, 18.2% in April and 17.6% in March

According to Benzinga, Driven by the 22-month high in new listings, May home sales rose 10.9% compared to April and 0.7% compared to May 2023. Monthly home sales in 2024 have outpaced 2023 figures for four of the first five months.

The median sale price rose 2.4% from April, reaching $435,000, which is 4.8% higher than May 2023.

“Most 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,” RE/MAX President Amy Lessinger said. “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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