Home sales rise again in May but still trail 2024 levels.
DENVER, June 17, 2025 /PRNewswire/ — For the fourth consecutive month, homes sales rose in May, increasing 8.6% from April, and sales remained below 2024 levels, with May sales finishing 3.5% lower year over year.
Across the 52 metro areas surveyed in the report, the number of homes for sale rose 8.3% month over month and increased 34.8% year over year. This marks the 17th consecutive month that inventory has grown year over year. The Median Sales Price also grew nominally year over year for the 23rd straight month to reach $442,000 – an increase of $2,500 (0.6%) from May 2024.
New listings also increased 4.4% from April and 7.9% from May 2024, marking the 15th straight month of a year-over-year increase.
“Rising sales, growing inventory, declines in days on market and steady prices are all encouraging signs for the housing industry,” said Erik Carlson, CEO of RE/MAX Holdings, Inc. “It’s great to see the spring market end on a solid note, and we’re optimistic that this momentum could carry into an active summer season.”
In Atlanta, the market is showing signs of renewed energy. Kristen Jones, Broker/Owner of RE/MAX Around Atlanta, noted that, “The Atlanta housing market saw more homes coming to market and a noticeable uptick in sales compared to April. Inventory is rising, and homes are sitting on the market a bit longer, giving buyers more options and greater leverage when it comes to negotiations.”
Other metrics of note:
On average, buyers paid 99% of the asking price in May – the same as in April 2025 but slightly below the 100% seen in May 2024.
Days on Market in May dropped to 39 days – two days lower than the 41 in April, but five days higher than the 34 in May 2024.
Months’ Supply of Inventory was 2.5 months, up slightly from the 2.4 in April and over half-a-month more than the 1.9 of last May.
Highlights and local market results for May include:
New Listings In the 52 metro areas surveyed in May 2025, the number of newly listed homes was up 7.9% compared to May 2024, and up 4.4% compared to April 2025. The markets with the biggest increase in year-over-year new listings percentage were Washington, D.C. at +25.4%, Fayetteville, AR at +25.1%, and Wichita, KS at +23.7%. The markets with the biggest year-over-year decrease in new listings percentage were Minneapolis, MN at -7.1%, New Orleans, LA at -4.4%, and Miami, FL at -2.5%.
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New Listings: |
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|
Market |
May 2025 |
May 2024 |
Year-over-Year |
|
Washington, DC |
14,531 |
11,592 |
+25.4 % |
|
Fayetteville, AR |
1,690 |
1,351 |
+25.1 % |
|
Wichita, KS |
1,153 |
932 |
+23.7 % |
|
Las Vegas, NV |
5,179 |
4,233 |
+22.3 % |
|
Nashville, TN |
7,100 |
5,905 |
+20.2 % |
Closed Transactions Of the 52 metro areas surveyed in May 2025, the overall number of home sales was down 3.5% compared to May 2024, and up 8.6% compared to April 2025. The markets with the biggest decrease in year-over-year sales percentage were Miami, FL at -16.5%, Honolulu, HI at -14.2%, and Tampa, FL at -11.8%. The markets with the biggest increase in year-over-year sales percentages were Wichita, KS at +14.1%, Hartford, CT at +7.8%, and Fayetteville, AR at +7.4%.
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Closed Transactions: |
|||
|
Market |
May 2025 |
May 2024 |
Year-over-Year |
|
Miami, FL |
6,160 |
7,376 |
-16.5 % |
|
Honolulu, HI |
635 |
740 |
-14.2 % |
|
Tampa, FL |
5,231 |
5,930 |
-11.8 % |
|
Los Angeles, CA |
6,122 |
6,750 |
-9.3 % |
|
Las Vegas, NV |
2,774 |
3,057 |
-9.3 % |
Median Sales Price – Median of 52 metro area pricesIn May 2025, the median of all 52 metro area sales prices was $442,000, up 0.6% from May 2024, and up 1.0% compared to April 2025. The markets with the biggest year-over-year increase in median sales price were Trenton, NJ at +9.9%, Hartford, CT at +8.5% and Honolulu, HI at +8.3%. The markets with the biggest year-over-year decrease in median sales price were Bozeman, MT at -12.0%, Tampa, FL at -3.7% and Seattle, WA at -3.2%.
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Median Sales Price: |
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|
Market |
May 2025 |
May 2024 |
Year-over-Year |
|
Trenton, NJ |
$487,500 |
$443,500 |
+9.9 % |
|
Hartford, CT |
$385,000 |
$355,000 |
+8.5 % |
|
Honolulu, HI |
$750,000 |
$692,500 |
+8.3 % |
|
Providence, RI |
$492,000 |
$455,000 |
+8.1 % |
|
Wichita, KS |
$248,000 |
$230,000 |
+7.8 % |
Close-to-List Price Ratio – Average of 52 metro area pricesIn May 2025, the average close-to-list price ratio of all 52 metro areas in the report was 99%, down from 100% in May 2024 and the same as April 2025. 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 Hartford, CT at 104.9%, San Francisco, CA at 103.7% and Manchester, NH at 102.3%. The metro areas with the lowest close-to-list price ratio were Miami, FL at 93.0%, Bozeman, MT at 95.8%, and New Orleans, LA at 96.5%.
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Close-to-List Price Ratio: |
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|
Market |
May 2025 |
May 2024 |
Year-over-Year |
|
Hartford, CT |
104.9 % |
105.0 % |
-0.2 pp |
|
San Francisco, CA |
103.7 % |
105.6 % |
-1.8 pp |
|
Manchester, NH |
102.3 % |
103.1 % |
-0.9 pp |
|
Milwaukee, WI |
101.8 % |
101.8 % |
0.0 pp |
|
Boston, MA |
101.6 % |
102.4 % |
-0.8 pp |
|
*Difference displayed as change in percentage points |
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Days on Market – Average of 52 metro areasThe average days on market for homes sold in May 2025 was 39, up five days compared to the average in May 2024 and down two days compared to April 2025. The metro areas with the highest days on market averages were Miami, FL and Fayetteville, AR tied at 76, San Antonio, TX at 74 and Orlando, FL at 69. The lowest days on market were Baltimore, MD at 12, Washington, D.C. at 13 and Manchester, NH at 14. Days on market is the number of days between when a home is first listed in an MLS and a sales contract is signed.
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Days on Market: |
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|
Market |
May 2025 |
May 2024 |
Year-over-Year |
|
Miami, FL |
76 |
60 |
+25.9 % |
|
Fayetteville, AR |
76 |
71 |
+6.2 % |
|
San Antonio, TX |
74 |
62 |
+19.5 % |
|
Orlando, FL |
69 |
52 |
+32.6 % |
|
Phoenix, AZ |
67 |
53 |
+25.8 % |
Months’ Supply of Inventory – Average of 52 metro areasThe number of homes for sale in May 2025 was up 34.8% from May 2024, and up 8.3% from April 2025. Based on the rate of home sales in March 2025, the months’ supply of inventory was 2.5, up from 1.9 from May 2024, and up from 2.4 from April 2025. In April 2025, the markets with the highest months’ supply of inventory were Miami, FL at 7.0, Honolulu, HI at 5.5 and San Antonio, TX at 5.4. The markets with the lowest months’ supply of inventory were Hartford CT at 0.9, Manchester, NH and Milwaukee, WI tied at 1.0, and Baltimore, MD, Trenton, NJ, Cincinnati, OH, and Philadelphia, PA tied at 1.1.
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Months’ Supply of Inventory: |
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|
Market |
May 2025 |
May 2024 |
Year-over-Year |
|
Miami, FL |
7.0 |
4.5 |
+56.4 % |
|
Honolulu, HI |
5.5 |
1.9 |
+194.5 % |
|
San Antonio, TX |
5.4 |
4.1 |
+32.4 % |
|
Orlando, FL |
4.2 |
2.9 |
+41.9 % |
|
Bozeman, MT |
4.2 |
4.1 |
+2.4 % |
About the REMAX NetworkAs one of the leading global real estate franchisors, RE/MAX, LLC is a subsidiary of RE/MAX Holdings (NYSE: RMAX) with more than 145,000 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 REMAX, as measured by residential transaction sides. REMAX 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. REMAX 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 REMAX, to search home listings or find an agent in your community, please visit www.remax.com. For the latest news about REMAX, please visit news.remax.com.
Report DetailsThe REMAX National Housing Report is distributed monthly on or about the 15th. The Report is based on MLS data for the stated month in 52 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
