U.S. home sales in May increased at a seasonal 20% MoM, and new listings were up 8.7%, according to RE/MAX's Housing Report for May. However, sales were still down 18.7% compared to May 2022. The median sales price grew by 3.2% MoM to reach $423,000 owing to strong demand and lack of inventory. - The most significant decline YoY decline in median sales price was seen in San Francisco (10.7%), Las Vegas (10%), and Phoneix (8.9%).
- Seattle saw the largest YoY decline of 33.9% in transactions, followed by Anchorage (32.5%), Portland (21.8%), and Honolulu (30.3%).
- Nick Bailey, RE/MAX President and CEO, said the jump in home sales indicates the start of the peak selling season, but the lack of inventory would remain the biggest challenge for home buyers.
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