✅ Home sales were up 3.4% from April, but still down 4.8% compared to May 2024.
💰 Median sale price is still 1.3% higher than last year.
📈 Inventory is growing — up 40.3% year-over-year, topping 7,000 active listings for the first time since 2019!
⏱ Homes are selling a bit slower, with the average “days on market” almost 40% higher than last year.
🏠 About 45% of homes sold at or above asking price.
🔨 New construction houses now make up just 12.2% of all sales.
Outlook:
We expect moderate growth for the rest of 2025, with our forecast adjusted to 6.1% annual sales growth (down from 8.3%). A drop in mortgage rates could boost fall sales, but buyers still need more affordable options (85.7% of active listings are over $250,000)
The market has the right ingredients for growth, but homebuyers need more choice and better affordability to truly thrive.
Leave a Reply