May 2024 local stats are out!

U.S. existing-home sales have dipped for the second straight month, down 1.9% month-over-month and year-over-year, as reported by the National Association of REALTORS® (NAR). Despite this, there’s a silver lining: the market is adjusting, offering new opportunities for buyers and sellers alike.

New listings saw a decline, with single-family homes down 31.0% and townhouse/condo homes down 13.4%. Pending sales also decreased, but there’s good news: inventory is up! Single-family home inventory increased by 12.9%, and townhouse/condo home inventory soared by 63.0%.

While the median sales price for single-family homes edged up 1.1% to $450,000, townhouse/condo prices dipped slightly by 4.6% to $320,000. Days on market increased for both segments, but this means more time for buyers to find their perfect home. The months supply of inventory rose significantly, giving buyers more options than before.

Nationwide, home prices continue to climb, hitting a record high of $407,600, a 5.7% increase from last year. Total inventory heading into May was 1.21 million units, up 9% month-over-month and 16.3% year-over-year, providing a 3.5 month’s supply at the current sales pace.

This market shift presents great opportunities for both buyers and sellers to navigate and capitalize on the evolving landscape.