Inventory Jumped 40%, Home Prices Increased 5%, Sales Exceed 2023 Pace
DENVER, June 13, 2024 /PRNewswire/ — In May, both inventory and new listings grew to levels not seen since the second half of 2022. The number of homes for sale, as surveyed across 53 metro areas, also increased, rising 8.7% over April and 39.6% year over year. And for the third consecutive month, the number of new listings exceeded 2023 levels by double-digit percentages – 15.1% in May, 18.2% in April, and 17.6% in March.
Fueled by the 22-month high in new listings, May home sales grew 10.9% over April and 0.7% over last May. Monthly home sales in 2024 have now exceeded the 2023 monthly sales totals for four of the five months.
The Median Sale Price increased 2.4% over April to $435,000. That was 4.8% higher than May 2023. The close-to-list price ratio remained at the 100% level it reached in April following eight months at 99% or less.
“More sellers are seeing the advantages of listing their homes now. They’re getting their asking price and enjoying the benefits of a relatively quick sale,” said Amy Lessinger, President of RE/MAX, LLC. “Growing inventory offers more options for homebuyers, too, and we’re seeing more sales activity as a result. Mortgage rates continue to impact the rhythm of the housing market. If inventory keeps bulking up and mortgage rates don’t change, prices may eventually start to soften.”
Metro areas across the U.S. have seen a steady increase in sales prices. Cleveland, OH, while having one of the lowest median sales prices in the report at $245,000, also experienced the biggest year-over-year increase, jumping 18.9%.
Linda LaFleur, Broker/Owner of RE/MAX Crossroads in Cleveland said, “The median sales price has increased due to tight inventory and that’s stoking buyer competition and driving prices higher. The situation will likely persist until the Cleveland market offers more affordable housing and more listings are available. An uptick in listings would certainly help balance the market.”
Other metrics of note:
Days on Market shortened by one day from April to 34 days, which was two days more than May 2023.
Months’ supply of inventory in May was 1.9, compared to 1.7 in April and 1.3 one year ago.
Highlights and local market results for May include:
New Listings In the 53 metro areas surveyed in May 2024, the number of newly listed homes was up 5.3% compared to April 2024 and up 15.1% compared to May 2023. The markets with the biggest year-over-year increase in new listings percentage were San Diego, CA at +31.0%, Phoenix, AZ at +30.1%, and Seattle, WA at +25.9%. The markets with the biggest decrease in year-over-year new listings percentage were Cleveland, OH at -14.5%, Coeur d’Alene at -4.7%, and Des Moines, IA at -2.1%.
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New Listings: |
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|
Market |
May 2024 |
May 2023 |
Year-over-Year |
|
San Diego, CA |
3,548 |
2,709 |
+31.0 % |
|
Phoenix, AZ |
9,117 |
7,007 |
+30.1 % |
|
Seattle, WA |
6,455 |
5,126 |
+25.9 % |
|
Denver, CO |
6,726 |
5,478 |
+22.8 % |
|
Atlanta, GA |
12,275 |
9,998 |
+22.8 % |
Closed Transactions Of the 53 metro areas surveyed in May 2024, the overall number of home sales was up 10.9% compared to April 2024 and up 0.7% compared to May 2023. The markets with the biggest increase in year-over-year sales percentage were Coeur d’Alene, ID at +21.4%, Salt Lake City, UT at +19.9%, and Burlington, VT at +17.5%. The markets with the biggest decrease in year-over-year sales percentage were Bozeman, MT at -9.1%, New Orleans, LA at -8.7%, followed by a tie between Cleveland, OH and Phoenix, AZ at -8.3%.
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Closed Transactions: |
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|
Market |
May 2024 |
May 2023 |
Year-over-Year |
|
Coeur d’Alene, ID |
341 |
281 |
+21.4 % |
|
Salt Lake City, UT |
1,334 |
1,113 |
+19.9 % |
|
Burlington, VT |
208 |
177 |
+17.5 % |
|
Trenton, NJ |
310 |
267 |
+16.1 % |
|
Minneapolis, MN |
4,626 |
4,020 |
+15.1 % |
Median Sales Price – Median of 53 metro area pricesIn May 2024, the median of all 53 metro area sales prices was $435,000, up 2.4% compared to April 2024, and up 4.8% from May 2023. The markets with the biggest year-over-year increase in median sales price were Cleveland, OH at +18.9%, Los Angeles, CA at +12.1%, and New York, NY at +11.9%. The markets with the biggest year-over-year decrease in median sales price were a three-way tie between Birmingham, AL, Honolulu, HI, and San Antonio, TX at -1.6%.
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Median Sales Price: |
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|
Market |
May 2024 |
May 2023 |
Year-over-Year |
|
Cleveland, OH |
$245,000 |
$206,000 |
+18.9 % |
|
Los Angeles, CA |
$970,000 |
$865,000 |
+12.1 % |
|
New York, NY |
$610,000 |
$545,000 |
+11.9 % |
|
Manchester, NH |
$501,700 |
$452,001 |
+11.0 % |
|
Seattle, WA |
$775,000 |
$700,000 |
+10.7 % |
Close-to-List Price Ratio – Average of 53 metro area pricesIn May 2024, the average close-to-list price ratio of all 53 metro areas in the report was 100%, the same as in both April 2024 and May 2023. The close-to-list price ratio is calculated by the average value of the sales price divided by the list price for each transaction. When the number is above 100%, the home closed for more than the list price. If it’s less than 100%, the home sold for less than the list price. The metro areas with the highest close-to-list price ratios were San Francisco, CA at 106%, Hartford, CT at 105%, and Trenton, NJ at 104%. The metro areas with the lowest close-to-list price ratio were Miami, FL at 94%, New Orleans, LA at 96%, and Tampa, FL at 97%.
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Close-to-List Price Ratio: |
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|
Market |
May 2024 |
May 2023 |
Year-over-Year |
|
San Francisco, CA |
105.6 % |
104.0 % |
+1.6 pp |
|
Hartford, CT |
105.0 % |
104.9 % |
+0.1 pp |
|
Trenton, NJ |
104.2 % |
101.4 % |
+2.8 pp |
|
Manchester, NH |
103.1 % |
103.6 % |
-0.5 pp |
|
Boston, MA |
102.4 % |
101.9 % |
+0.5 pp |
|
*Difference displayed as change in percentage points |
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Days on Market – Average of 53 metro areasThe average days on market for homes sold in May 2024 was 34, down one day compared to the average in April 2024, and up two days compared to May 2023. Days on market is the number of days between when a home is first listed in an MLS and a sales contract is signed. The highest days on market averages were in Fayetteville, AR at 71, Coeur d’Alene, ID at 66, and San Antonio, TX at 62. The metro areas with the lowest days on market were Washington, DC at 11, Baltimore, MD at 12, followed by a tie between Hartford, CT and Manchester, NH at 14.
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Days on Market: |
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|
Market |
May 2024 |
May 2023 |
Year-over-Year |
|
Fayetteville, AR |
71 |
77 |
-7.4 % |
|
Coeur d’Alene, ID |
66 |
32 |
+105.6 % |
|
San Antonio, TX |
62 |
54 |
+14.8 % |
|
Miami, FL |
60 |
51 |
+19.0 % |
|
Bozeman, MT |
58 |
36 |
+62.3 % |
Months’ Supply of Inventory – Average of 53 metro areasThe number of homes for sale in May 2024 was up 8.7% from April 2024 and up 39.6% from May 2023. Based on the rate of home sales in May 2024, the months’ supply of inventory was 1.9, up from 1.7 in April 2024, and up from 1.3 in May 2023. In May 2024, the markets with the highest months’ supply of inventory were Miami, FL at 4.5, followed by a tie between Bozeman, MT and San Antonio, TX at 4.1. The markets with the lowest months’ supply of inventory were Manchester, NH at 0.7, followed by a four-way tie between Hartford, CT, Milwaukee, WI, Seattle, WA, and Trenton, NJ at 0.8.
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Months’ Supply of Inventory: |
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|
Market |
May 2024 |
May 2023 |
Year-over-Year |
|
Miami, FL |
4.5 |
2.4 |
+84.3 % |
|
San Antonio, TX |
4.1 |
2.7 |
+52.1 % |
|
Bozeman, MT |
4.1 |
2.4 |
+67.7 % |
|
New Orleans, LA |
3.4 |
2.5 |
+35.1 % |
|
Houston, TX |
3.3 |
2.3 |
+47.7 % |
About the RE/MAX NetworkAs one of the leading global real estate franchisors, RE/MAX, LLC is a subsidiary of RE/MAX Holdings (NYSE: RMAX) with more than 140,000 agents in nearly 9,000 offices and a presence in more than 110 countries and territories. Nobody in the world sells more real estate than RE/MAX, as measured by residential transaction sides. RE/MAX was founded in 1973 by Dave and Gail Liniger, with an innovative, entrepreneurial culture affording its agents and franchisees the flexibility to operate their businesses with great independence. RE/MAX agents have lived, worked and served in their local communities for decades, raising millions of dollars every year for Children’s Miracle Network Hospitals® and other charities. To learn more about RE/MAX, to search home listings or find an agent in your community, please visit www.remax.com. For the latest news about RE/MAX, please visit news.remax.com.
Report DetailsThe RE/MAX National Housing Report is distributed monthly on or about the 15th. The Report is based on MLS data for the stated month in 53 metropolitan areas, includes single-family residential property types, and is not annualized. For maximum representation, most of the largest metro areas in the country are represented, and an attempt is made to include at least one metro area in almost every state. Metro areas are defined by the Core Based Statistical Areas (CBSAs) established by the U.S. Office of Management and Budget.
DefinitionsClosed Transactions are the total number of closed residential transactions during the given month. Months Supply of Inventory is the total number of residential properties listed for sale at the end of the month (current inventory) divided by the number of sales contracts signed (pending listings) during the month. Where “pending” data is unavailable, an inferred pending status is calculated using closed transactions. Days on Market is the average number of days that pass from the time a property is listed until the property goes under contract. Median Sales Price for a metro area is the median sales price for closed transactions in that metro area. The nationwide Median Sales Price is calculated at the nationwide aggregate level using all sale prices from the included metro areas. The Close-to-List Price Ratio is the average value of the sales price divided by the list price for each closed transaction.
MLS data is provided by Seventy3, LLC, a RE/MAX Holdings company. While MLS data is believed to be reliable, it cannot be guaranteed. MLS data is constantly being updated, making any analysis a snapshot at a particular time. Every month, the previous period’s data is updated to ensure accuracy over time. Raw data remains the intellectual property of each local MLS organization.
SOURCE RE/MAX, LLC
