07/16/2024
FOR IMMEDIATE RELEASE
RE/MAX NATIONAL HOUSING REPORT FOR MAY 2024
Inventory Jumped 40%, Home Prices Increased 5%, Sales Exceed 2023 Pace
DENVER – In May, both inventory and new listings grew to levels not seen since thesecond half of 2022. The number of homes for sale, as surveyed across 53 metro areas,also increased, rising 8.7% over April and 39.6% year over year. And for the thirdconsecutive month, the number of new listings exceeded 2023 levels by double-digitpercentages – 15.1% in May, 18.2% in April, and 17.6% in March.
Fueled by the 22-month high in new listings, May home sales grew 10.9% over April and0.7% over last May. Monthly home sales in 2024 have now exceeded the 2023 monthlysales totals for four of the five months.
The Median Sale Price increased 2.4% over April to $435,000. That was 4.8% higher thanMay 2023. The close-to-list price ratio remained at the 100% level it reached in Aprilfollowing eight months at 99% or less.
“More sellers are seeing the advantages of listing their homes now. They’re getting theirasking price and enjoying the benefits of a relatively quick sale,” said Amy Lessinger,President of RE/MAX, LLC. “Growing inventory offers more options for homebuyers, too,and we’re seeing more sales activity as a result. Mortgage rates continue to impact therhythm of the housing market. If inventory keeps bulking up and mortgage rates don’tchange, prices may eventually start to soften.”
Metro areas across the U.S. have seen a steady increase in sales prices. Cleveland, OH,while having one of the lowest median sales prices in the report at $245,000, alsoexperienced the biggest year-over-year increase, jumping 18.9%.
Linda LaFleur, Broker/Owner of RE/MAX Crossroads in Cleveland said, “The median salesprice has increased due to tight inventory and that’s stoking buyer competition anddriving prices higher. The situation will likely persist until the Cleveland market offersmore affordable housing and more listings are available. An uptick in listings wouldcertainly help balance the market.”
Other metrics of note:
Contact:
Keri HenkeSr. Manager, External [email protected] | 303.796.3424• Days on Market shortened by one day from April to 34 days, which was two days more thanMay 2023.
• Months' supply of inventory in May was 1.9, compared to 1.7 in April and 1.3 one year ago.
Highlights and local market results for May include:
New ListingsIn the 53 metro areas surveyed in May 2024, the number of newly listed homes was up 5.3%compared to April 2024 and up 15.1% compared to May 2023. The markets with the biggest yearover-year increase in new listings percentage were San Diego, CA at +31.0%, Phoenix, AZ at +30.1%,and Seattle, WA at +25.9%. The markets with the biggest decrease in year-over-year new listingspercentage were Cleveland, OH at -14.5%, Coeur d’Alene at -4.7%, and Des Moines, IA at -2.1%.
New Listings:5 Markets with the Biggest YoY Increase
Market May 2024New Listings
May 2023New Listings
Year-over-Year% Change
San Diego, CA 3,548 2,709 +31.0%
Phoenix, AZ 9,117 7,007 +30.1%
Seattle, WA 6,455 5,126 +25.9%
Denver, CO 6,726 5,478 +22.8%
Atlanta, GA 12,275 9,998 +22.8%
Closed TransactionsOf the 53 metro areas surveyed in May 2024, the overall number of home sales was up 10.9%compared to April 2024 and up 0.7% compared to May 2023. The markets with the biggest increasein year-over-year sales percentage were Coeur d’Alene, ID at +21.4%, Salt Lake City, UT at +19.9%,and Burlington, VT at +17.5%. The markets with the biggest decrease in year-over-year salespercentage were Bozeman, MT at -9.1%, New Orleans, LA at -8.7%, followed by a tie betweenCleveland, OH and Phoenix, AZ at -8.3%.
Closed Transactions:5 Markets with the Biggest YoY Increase
Market May 2024Transactions
May 2023Transactions
Year-over-Year% Change
Coeur d'Alene, ID 341 281 +21.4%
Salt Lake City, UT 1,334 1,113 +19.9%
Burlington, VT 208 177 +17.5%
Trenton, NJ 310 267 +16.1%
Minneapolis, MN 4,626 4,020 +15.1%
Median Sales Price – Median of 53 metro area pricesIn May 2024, the median of all 53 metro area sales prices was $435,000, up 2.4% compared to April2024, and up 4.8% from May 2023. The markets with the biggest year-over-year increase in mediansales price were Cleveland, OH at +18.9%, Los Angeles, CA at +12.1%, and New York, NY at +11.9%.The markets with the biggest year-over-year decrease in median sales price were a three-way tiebetween Birmingham, AL, Honolulu, HI, and San Antonio, TX at -1.6%.
Median Sales Price:5 Markets with the Biggest YoY Increase
Market May 2024Median Sales Price
May 2023Median Sales Price
Year-over-Year% Change
Cleveland, OH $245,000 $206,000 +18.9%
Los Angeles, CA $970,000 $865,000 +12.1%
New York, NY $610,000 $545,000 +11.9%
Manchester, NH $501,700 $452,001 +11.0%
Seattle, WA $775,000 $700,000 +10.7%
Close-to-List Price Ratio – Average of 53 metro area pricesIn May 2024, the average close-to-list price ratio of all 53 metro areas in the report was 100%, thesame as in both April 2024 and May 2023. The close-to-list price ratio is calculated by the averagevalue of the sales price divided by the list price for each transaction. When the number is above100%, the home closed for more than the list price. If it’s less than 100%, the home sold for less thanthe list price. The metro areas with the highest close-to-list price ratios were San Francisco, CA at106%, Hartford, CT at 105%, and Trenton, NJ at 104%. The metro areas with the lowest close-to-listprice ratio were Miami, FL at 94%, New Orleans, LA at 96%, and Tampa, FL at 97%.
Close-to-List Price Ratio:5 Markets with the Highest Close-to-List Price Ratio
Market
May 2024Close-to-List PriceRatio
May 2023Close-to-List PriceRatio
Year-over-YearDifference*
San Francisco, CA 105.6% 104.0% +1.6 pp
Hartford, CT 105.0% 104.9% +0.1 pp
Trenton, NJ 104.2% 101.4% +2.8 pp
Manchester, NH 103.1% 103.6% -0.5 pp
Boston, MA 102.4% 101.9% +0.5 pp
*Difference displayed as change in percentage points
Days on Market – Average of 53 metro areas
The average days on market for homes sold in May 2024 was 34, down one day compared to theaverage in April 2024, and up two days compared to May 2023. Days on market is the number of daysbetween when a home is first listed in an MLS and a sales contract is signed. The highest days onmarket averages were in Fayetteville, AR at 71, Coeur d’Alene, ID at 66, and San Antonio, TX at 62.The metro areas with the lowest days on market were Washington, DC at 11, Baltimore, MD at 12,followed by a tie between Hartford, CT and Manchester, NH at 14.Days on Market:5 Markets with the Highest Days on Market
Market May 2024Days on Market
May 2023Days on Market
Year-over-Year% Change
Fayetteville, AR 71 77 -7.4%
Coeur d'Alene, ID 66 32 +105.6%
San Antonio, TX 62 54 +14.8%
Miami, FL 60 51 +19.0%
Bozeman, MT 58 36 +62.3%
Months’ Supply of Inventory – Average of 53 metro areas
The number of homes for sale in May 2024 was up 8.7% from April 2024 and up 39.6% from May2023. Based on the rate of home sales in May 2024, the months’ supply of inventory was 1.9, up from1.7 in April 2024, and up from 1.3 in May 2023. In May 2024, the markets with the highest months’supply of inventory were Miami, FL at 4.5, followed by a tie between Bozeman, MT and San Antonio,TX at 4.1. The markets with the lowest months’ supply of inventory were Manchester, NH at 0.7,followed by a four-way tie between Hartford, CT, Milwaukee, WI, Seattle, WA, and Trenton, NJ at 0.8.
Months' Supply of Inventory:5 Markets with the Highest Months' Supply Inventory
Market
May 2024Months' Supplyof Inventory
May 2023Months' Supplyof Inventory
Year-over-Year% Change
Miami, FL 4.5 2.4 +84.3%
San Antonio, TX 4.1 2.7 +52.1%
Bozeman, MT 4.1 2.4 +67.7%
New Orleans, LA 3.4 2.5 +35.1%
Houston, TX 3.3 2.3 +47.7%
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About the RE/MAX Network
As one of the leading global real estate franchisors, RE/MAX, LLC is a subsidiary of RE/MAX Holdings (NYSE:RMAX) with more than 140,000 agents in nearly 9,000 offices and a presence in more than 110 countries andterritories. Nobody in the world sells more real estate than RE/MAX, as measured by residential transactionsides. RE/MAX was founded in 1973 by Dave and Gail Liniger, with an innovative, entrepreneurial cultureaffording its agents and franchisees the flexibility to operate their businesses with great independence.RE/MAX agents have lived, worked and served in their local communities for decades, raising millions of dollarsevery year for Children’s Miracle Network Hospitals® and other charities. To learn more about RE/MAX, tosearch home listings or find an agent in your community, please visit www.remax.com. For the latest newsabout RE/MAX, please visit news.remax.com.
Report DetailsThe RE/MAX National Housing Report is distributed monthly on or about the 15th. The Report is based on MLSdata for the stated month in 53 metropolitan areas, includes single-family residential property types, and is notannualized. For maximum representation, most of the largest metro areas in the country are represented, andan attempt is made to include at least one metro area in almost every state. Metro areas are defined by theCore Based Statistical Areas (CBSAs) established by the U.S. Office of Management and Budget.
Definitions
Closed Transactions are the total number of closed residential transactions during the given month. MonthsSupply of Inventory is the total number of residential properties listed for sale at the end of the month (currentinventory) divided by the number of sales contracts signed (pending listings) during the month. Where“pending” data is unavailable, an inferred pending status is calculated using closed transactions. Days onMarket is the average number of days that pass from the time a property is listed until the property goesunder contract. Median Sales Price for a metro area is the median sales price for closed transactions in thatmetro area. The nationwide Median Sales Price is calculated at the nationwide aggregate level using all saleprices from the included metro areas. The Close-to-List Price Ratio is the average value of the sales pricedivided by the list price for each closed transaction.
MLS data is provided by Seventy3, LLC, a RE/MAX Holdings company. While MLS data is believed to be reliable,it cannot be guaranteed. MLS data is constantly being updated, making any analysis a snapshot at a particulartime. Every month, the previous period’s data is updated to ensure accuracy over time. Raw data remains theintellectual property of each local MLS organization.
