- Over two-thirds of the metro areas experienced an increase in transactions.
- The May 2017 Median Sales Price of $232,500 was the second highest in the history of the report, only behind the August 2008 Media Sales Price of $236,062.
- Decreasing 16.2% from May 2016, inventory continued to decline year-over-year. This is the 103rdconsecutive month of year-over-year declines dating back to October 2008.
- The U.S. continues to enjoy rising home values as 52 of the 53 metro areas experienced a price increase.
“In May, we saw an uptick of both loan applications and home sales, which is encouraging in terms of more people getting into the market for homes,” said Adam Contos, RE/MAX Co-CEO. “We don’t expect that the Federal Reserve’s announcement on Wednesday to raise interest rates a quarter of a point will greatly affect the market’s momentum. But housing demand only intensifies the tug-of-war with tight inventories driving prices up.”