The influx of inventory provided some relief in a housing market that has been starved of supply for over a year. The total number of homes for sale in May was up 39.6% year-over-year across the metros surveyed.
Despite the increasing options, buyer demand remained strong, keeping upward pressure on prices. The median home sale price rose 2.4% from April to $435,000 – a 4.8% increase from May 2023 levels.
“If inventory keeps bulking up and mortgage rates don’t change, prices may eventually start to soften,” Lessinger said.
For now, sellers are firmly in control, with homes going for full asking price after averaging discounts of 1% or more for eight straight months before April.
Some local markets exemplified the supply-constrained dynamics driving up prices. In Cleveland, where the median sale price was a relatively affordable $245,000, prices still surged 18.9% year-over-year due to tight inventory.
Source: mpamag.com