May’s monthly housing report from Realtor.com indicates a positive trend in a housing market hindered by extremely low inventory. The number of homes for sale has grown seven months in a row. 

The numbers tell the story. Compared to May of 2023, homes actively for sale have grown by 35.2%, reflecting those seven months of growth.  The number of unsold homes, which includes those under contract, increased by 20.9%, and there were 6.2% more newly listed homes on the market this May. 

Median home prices are relatively stable compared to May 2023, growing by 0.3%. However, the median price per square foot has grown by 3.8%, indicating that smaller, more affordable homes have grown in share of inventory.  Many sellers who purchased their homes before the pandemic are finding that the median list price of homes for sale has increased by 37.5% since May 2019.  Homes are staying on the market 44 days, one day more than last year. However, that’s eight days less than before the pandemic.

While the statistics are promising overall, they are based on nationwide numbers. Certain areas of the country are seeing the most activity. The South had the most year-over-year listing growth, at 47.2% in May. This could be welcome news for homeowners considering selling their homes and relocating.

We are still in a Seller’s market, but that may shift to benefit buyers as mortgage rates continue to decline and the number of homes for sale increases over the coming year. This could be a promising sign for potential buyers, offering them more options and potentially more favorable prices. 

No matter how you crunch the data, home values remain on the climb upward, and the silver lining buyers are slowly but surely starting to see is an increase in available inventory this summer.  If you’re a buyer just waiting on the sidelines, continue to save and work with an experienced buyer’s agent who will yield the options that best align with your budget as they present.

To my homeowners, now is the time to re-examine your current market values if a move is in the foreseeable future or if you’re holding onto a property that doesn’t quite serve the same purpose it once did. Knowledge of the current market/neighborhood trends will yield the best results when it’s your time to list and sell, with an experienced realtor representing your most valuable asset and netting you an equitable return in the long run.

For results that will move you in an ever-changing market, I’m here for all your real estate needs and questions – just give me a call.