May 2024 Housing Report

U.S. existing-home sales fell for the second month in a row, sliding 1.9% month-over-month and 1.9% year-over-year, according to the National Association of REALTORS^® (NAR), with sales down in all four regions of the country. Higher borrowing costs and accelerating home prices continue to weigh on demand, pushing some prospective buyers to the sidelines and causing market activity to slump ahead of summer.

New listings increased 7.3% for residential homes and 13.9% for townhouse/condo homes. Pending sales decreased 2.8% for residential homes and 13% for townhouse/condo homes. Inventory decreased 1.6% for residential homes but increased 49% for townhouse/condo homes. Median sales price increased 6.7% to $304,000 for residential homes and 10.8% to $235,000 for townhouse/condo homes.

Days on market remained flat for residential homes but decreased 21.9% for townhouse/condo properties. Months supply of inventory remained flat for residential homes but increased 57.1% for townhouse/condo properties.

Home prices have continued to climb nationwide, despite an uptick in inventory this year. Nationally, the median existing-home price reached $407,600 as of last measure, a 5.7% increase from the same period last year and a record high for the month, according to NAR. Meanwhile, total inventory heading into May stood at 1.21 million units, a 9% increase month-over-month and a 16.3% increase year-over-year, for a 3.5 month’s supply at the current sales pace.