Housing inventory has been a hot topic of conversation, with many local markets having relatively few homes for sale in recent years. In May 2024, however, there was a 40% annual increase of inventory across the U.S.
This is according to the latest RE/MAX National Housing Report, which aggregates data from 53 metro areas for a comprehensive look at the country’s current real estate trends. Overall, the report showed, May was a more active month.
“More sellers are seeing the advantages of listing their homes now. They’re getting their asking price and enjoying the benefits of a relatively quick sale,” said Amy Lessinger, President of RE/MAX. “Growing inventory offers more options for homebuyers, too, and we’re seeing more sales activity as a result. Mortgage rates continue to impact the rhythm of the housing market. If inventory keeps bulking up and mortgage rates don’t change, prices may eventually start to soften.”
In May, the median sales price increased 2.4% from April, landing at $435,000. This was 4.8% higher than May 2023.
Which metro areas are seeing the most new listings hit the market?
While the report analyzes housing conditions on a national level, it also looks at metro-specific data to identify differences across cities and highlight local trends. For example, some markets saw a spike of new listings in May, while others experienced a decline.
The markets with the biggest year-over-year increase in new listings percentage were:
• San Diego, California (+31.0%)
• Phoenix, Arizona (30.1%)
• Seattle, Washington (+25.9%)
The markets with the biggest decrease in year-over-year new listings percentage were:
• Cleveland, Ohio (-14.5%)
• Coeur d’Alene, Idaho (-4.7%)
• Des Moines, IA (-2.1%)
How can buyers navigate the current market conditions?
Regardless of where they are, soon-to-be homebuyers can benefit from getting started on the process, ironing out priority features they’re searching for, and exploring financing options to gauge a realistic idea of what type of property (and price!) fits their lifestyle, income and budget. A recent RE/MAX News blog identified three basic steps to get started on the homebuying process – the ABCs of becoming a homeowner, if you will.
Best of all, it’s helpful to work with a trusted real estate professional from the start – especially one who has a wide range of experience and knows the local market conditions well. An agent can provide clarity during a complex process, connect you with local services (like lenders), negotiate on your behalf, and so much more.
Buying a home this summer? Connect with a local RE/MAX agent today.
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Written by
LEAH CURTIS
