DENVER (June 16, 2016) – As homebuyer demand continues, May saw a 10.3% jump in sales over April and a 5.1% increase over May last year, which is slightly higher than the average year-over-year sales increase of 4.5% so far in 2016. The Median Sales Price in May was $222,475, a 4.2% rise from price levels one year ago and 3.5% above the median price in April. The inventory of homes for sale remains very tight in many markets across the country, with the May inventory 14.8% lower than May 2015. At the rate of home sales in May, the national Months Supply of Inventory was 3.0, down from 3.2 in April.
“May home sales increased at a rate that’s slightly higher than the average monthly increase. This is despite the fact that inventory in many markets remains very low. At the same time, interest rates appear to have stabilized, which helps encourage potential homebuyers. Price increases continue to moderate and are rising at a more sustainable rate. This market is offering current homeowners more incentive to sell, which could have a positive impact on overall inventory levels,” said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder.