May’s Brisk Home Sales Set Post-Recession Records

After a brief dip in April home sales, the U.S. housing market returned to seasonally high sales in May, increasing 20.6% from the previous month and 4.3% from May 2016, according to the RE/MAX National Housing Report released today. In fact, it was the strongest May in terms of home sales in the nine-year history of the report.

In addition, the average number of Days on Market dropped to a record low of 51, consistent with the Months Supply of Inventory shrinking to 2.6 months – both records for the report.

Other notable numbers:

• Over two-thirds of the metro areas experienced an increase in transactions.
• The May 2017 Median Sales Price of $232,500 was the second highest in the history of the report, only behind the August 2008 Media Sales Price of $236,062.
• Decreasing 16.2% from May 2016, inventory continued to decline year-over-year. This is the 103^rdconsecutive month of year-over-year declines dating back to October 2008.
• The U.S. continues to enjoy rising home values as 52 of the 53 metro areas experienced a price increase.

Read the full article in RE/MAX’s newsroom…

Watch the 40 second summary video on YouTube…