Written by Alina Ptaszynski | Redfin
The median home sale price increased 6.8 percent in May to $288,000. Sales increased 7.5 percent compared to last year, a strong gain despite a severe shortage in the number of homes for sale.
The number of homes for sale fell 10.9 percent, marking 20 straight months of year-over-year declines. The number of homes newly listed for sale in May increased 3 percent, but buyers tore through the small but welcome bump in fresh inventory before it could begin to make a dent in the long-standing supply shortage. There was a 2.7-month supply of homes left in May—the lowest Redfin has recorded since we began tracking the market in 2010—well below the six months that represents a market balanced between buyers and sellers. Median Sale Price (1)
