Home sales were up in May according to Redfin’s Alina Ptaszynski. The median home sale price increased 6.8% in May to $288,000. Sales increased 7.5% compared to last year, a strong gain despite a severe shortage in the number of homes for sale.
Inventory was low in May. The number of homes for sale fell 10.9%, marking 20 straight months of year-over-year declines, though the number of homes newly listed for sale in May increased 3%.
May also saw the lowest month supply with 2.7 months, the lowest Redfin has recorded since we began tracking the market in 2010. For reference, six months of supply represents a market balanced between buyers and sellers.