Home Sales Continue Rising in May, Prices Down

Sales of single-family, re-sale homes were up 77.1% in May, year-over-year. Year-to-date, home sales are up 133.8%. Home sales are at their highest level, through the first five months of the year, since we've been keeping track: 1997.

The median price for homes fell 4.7% from April, and was off 42.2% year-over-year.

The average price for homes dropped 10.6% compared to April, and was down 46.2% year-over-year.

Inventory continued to fall, dropping 54.7% compared to last May. Our Days of Inventory indicator fell seven days last month to land at 99 days.

The sales price to list price ratio for homes rose 1.1 points to 99%.

Days on market fell seven days to 73 days.

Condo sales were down 34.9% from April, but were up 211.1% year-over-year. Year-to-date, condo sales are up 111.4%.

The median price for condos fell 15.3% month-over-month, and was off 76.6% compared to last May.

Condo inventory was off 52.3% year-over-year.

The sales price to list price ratio for condos fell 2.3 points to 93.3%.

In May, it took an average of 99 days to sell a condo.

The real estate market is very hard to generalize. It is a market made up of many micro-markets. For complete information on a particular neighborhood or property, call me.