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May Market Report

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 increased 3.2 percent to 196. Pending Sales were up 6.7 percent to 127. Inventory levels grew 1.0 percent to 488 units.

Prices continued to gain traction. The Median Sales Price increased 4.5 percent to $227,250. Days on Market was up 2.5 percent to 82 days. Buyers felt empowered as Months Supply of Inventory was up 7.0 percent to 4.6 months.

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 last measure, a 5.7% increase from the same period last 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

Curious about the current value of your home? Don’t hesitate to reach out to a member of the Kira Witherwax Team at RE/MAX North Country.

To view the full Market Report for May, download the link below.

ACVMLS- May 2024 Stats - JUNE Release
Download PDF • 147KB

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