May 2024 Monthly Statistics

U.S. existing-home sales fell for the second month in a row, sliding 1.9% month-over-month and 1.9% year-over-year, according to the National Association of REALTORS® (NAR), with sales down in all four regions of the country. Higher borrowing costs and accelerating home prices continue to weigh on demand, pushing some prospective buyers to the sidelines and causing market activity to slump ahead of summer.

New Listings decreased by 4.3 percent for single-family homes but increased by 101.9 percent for Condominium homes. Pending Sales decreased 18.3 percent for single-family homes and 34.6 percent for Condominium homes. Inventory increased 10.5 percent for single-family homes and 172.2 percent for Condominium homes.

Median Sales Price increased 2.0 percent to $1,297,500 for single-family homes and 1.3 percent to $840,500 for Condominium homes. Days on Market decreased 11.1 percent for Single Family homes but increased 25.0 percent for Condominium homes. Months Supply of Inventory increased by 14.3 percent for Single Family homes and 221.4 percent for Condominium homes.

Home prices have continued to climb nationwide, despite an uptick in inventory this year. Nationally, the median existing-home price reached $407,600 as of the last measure, a 5.7% increase from the same period the previous year and a record high for the month, according to NAR. Meanwhile, total inventory heading into May stood at 1.21 million units, a 9% increase month-over-month and a 16.3% increase year-over-year, for a 3.5 month’s supply at the current sales pace.

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