RE/MAX: Home Sales Accelerate as Inventory Hits 34-Month High

RE/MAX, Denver, said May home sales rose slightly higher year-over-year, ending a nine-month streak of declines, as inventories grew for the eighth consecutive month.

The company’s monthly National Housing Report also said homes sold quickly, as average days on market fell to 47, the second-fastest May average in the 10-year history of the report. Home sales increased by 15.3% from April to May, the second-highest April-May jump in report history.

The report said home sales rose by 0.4% from a year ago, the first year-over-year gain since July 2018. The number of homes for sale increased 4.9% year-over-year to set a report record for the highest May growth. However, based on the pace of home sales, May’s 2.6 months of inventory was down compared to April’s 2.8 months and the 2.9 months of May 2018. The median dales price of $259,500 was up 3.4% year-over-year, representing the lowest May increase since 2011.

“The spring selling season was in full bloom during the month of May, offering both buyers and sellers something to like,” said RE/MAX CEO Adam Contos. “Buyers are generally finding increased selection along with moderating price increases. At the same time, in general, sellers are selling their homes quickly while still enjoying some price gains. Bottom line, the market is operating efficiently right now, and homes are selling, on average, at a good clip.”