May Home Sales Down Year Over Year
as Inventory Grows
Although May is one of the most active months of the year for home sales, closings in May 2022 were 8.5% lower than May 2021. They did, however, climb 5.8% over April. That month-over-month increase was approximately half of the average gain in May during the pre-pandemic years of 2015-2019.
After a long decline, inventory grew for the second consecutive month, making May the first month of 2022 to top inventory levels compared to one year ago. May ended with 16.3% more homes for sale than in April, and 2.2% more than May 2021. Months Supply of Inventory increased from 0.8 in April to 0.9 in May. A year ago, Months Supply of Inventory was 1.0.
The Median Sales Price of $430,000 grew 1.2% over April’s $425,000 and was 13.2% higher than the $380,000 recorded in May 2021. The average Close-to-List Price Ratio in May was 103%, meaning that homes sold for 3% more than the asking price. That compared to nearly 104% last month and 102% in May 2021.
Homes spent an average of 23 days on the market in May. They sold three days faster than in April, and two days faster than a year ago.
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