REMAX NATIONAL HOUSING REPORT FOR MAY 2025

Core Insights - Home sales increased by 8.6% in May compared to April, but were still 3.5% lower than the same month in 2024 [1][6] - The number of homes for sale rose by 8.3% month over month and 34.8% year over year, marking the 17th consecutive month of inventory growth [2][17] - The median sales price reached $442,000, a nominal increase of 0.6% from May 2024, continuing a trend of price growth for 23 months [2][10] Sales and Inventory Trends - New listings increased by 4.4% from April and 7.9% from May 2024, indicating a sustained upward trend in new inventory [2][4] - The average days on market decreased to 39 days, down from 41 days in April but up from 34 days in May 2024 [8][14] - The months' supply of inventory was 2.5 months, up from 1.9 months in May 2024, reflecting a growing inventory relative to sales [17] Market Performance by Region - The markets with the largest year-over-year increases in new listings included Washington, D.C. (+25.4%), Fayetteville, AR (+25.1%), and Wichita, KS (+23.7%) [4][5] - Conversely, Miami, FL experienced the largest year-over-year decrease in sales at -16.5%, followed by Honolulu, HI at -14.2% [6][9] - The highest median sales price increases were seen in Trenton, NJ (+9.9%), Hartford, CT (+8.5%), and Honolulu, HI (+8.3%) [10][11] Pricing Dynamics - Buyers paid an average of 99% of the asking price in May, consistent with April but slightly below the 100% seen in May 2024 [8][12] - The close-to-list price ratio averaged 99% across the 52 metro areas, with Hartford, CT having the highest ratio at 104.9% [12][13] Days on Market Analysis - The average days on market for homes sold in May was 39 days, with Miami, FL and Fayetteville, AR having the highest averages at 76 days [14][16] - The lowest days on market were recorded in Baltimore, MD (12 days), Washington, D.C. (13 days), and Manchester, NH (14 days) [14] Summary of Market Conditions - The overall housing market shows signs of recovery with rising sales, increasing inventory, and stable prices, suggesting a potentially active summer season ahead [3]