May Delivers 20% Increase in Homes Sales Ahead of Peak Months

The latest national housing report for May reveals a seasonal, 20% increase in home sales over April, as well as an 8.7% uptick in new listings. While sales are still down 18.7% from last May, solid demand amid tight inventory helped push the median sales price up by 3.2%, month over month, to $423,000.

Ahead of the peak home sales months of June and July, the report shows a slight increase of 0.4% in inventory month over month, with housing supply up by 9.7% compared to May 2022.

Other notable metrics:

• May’s median sales price was the highest since June 2022, coming in at $3,000 less than that month’s figure of $426,000.
• New listings saw a nearly 10% gain over April but were still down 20.4% compared to May 2022 levels.
• Months’ Supply of Inventory in May was 1.2, down from 1.3 in April but above the 1.1 recorded a year ago.
• The average close-to-list price ratio for May was 100%, indicating that homes sold for the asking price on average. This is an increase from April’s 99% ratio and a decrease from the 103% ratio recorded a year ago.
• Homes sold in May were on the market for an average of 31 days, which is three days less than April but 10 days longer than the same period last year.

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