Good news, homebuyers and sellers! There’s plenty to smile about as the spring selling season, which saw an uptick in May home sales and a growth in inventory (representing the most units for sale since August 2016), transitions to the busiest real estate season of all: summer.
According to the RE/MAX National Housing Report, homes sold quickly in May – in an average of 47 days – making it the second-fastest May average in the 10 years of the report. Couple that with more homes for sale and moderating price increases, and it reveals a sign the market is operating more efficiently right now.
Some highlights from data in the most recent RE/MAX National Housing Report:
Home sales are up year-over-year, ending a 9-month streak of declines.
The average number of home sales is up 15.3% compared to April 2019 and up 0.4% year-over-year – marking the first year-over-year gain since July 2018. As mentioned, homes aren’t sitting on the market long, meaning sellers looking to make a quick move may experience faster results.
Price increases are beginning to moderate.
May’s median home price of $259,500 in the report’s 54 markets was up 3.4% year-over-year, representing the lowest May increase since 2011. Sellers are still enjoying some price gains with a double-digit increase in median sales price in Milwaukee at 14.2%, Boise, Idaho, at 13.6% and Albuquerque, New Mexico, at 10.2%. Moderating price increases and a growth in home sales are the best of both worlds for buyers and sellers. Buyers feel a bit of relief, while sellers walk away with equity.
Inventory continues to improve.
The number of homes for sale in May 2019 was up 4.5% from April 2019 and up 4.9% from May 2018. This sets a report record for the highest May growth. More homes on the market means buyers have a greater selection to choose from, which may ease some of the stiff competition and bidding wars that come with low inventory.
You can find more data in the latest RE/MAX National Housing Report. Ready to make a move?