Market Snapshot: May 2024

Monthly Recap

– Kansas City Association of Realtors

U.S. existing-home sales fell for the second month in a row, sliding 1.9% month-over-month and 1.9% year-over-year, according to the National Association of REALTORS® (NAR), with sales down in all four regions of the country. Higher borrowing costs and accelerating home prices continue to weigh on demand, pushing some prospective buyers to the sidelines and causing market activity to slump ahead of summer. Closed Sales increased 3.3 percent for existing homes but decreased 6.7 percent for new homes. Pending Sales increased 0.4 percent for existing homes and 5.0 percent for new homes.

Inventory increased 18.4 percent for existing homes but decreased 15.5 percent for new homes. The Median Sales Price was up 4.2 percent to $299,000 for existing homes and 1.4 percent to $525,000 for new homes. Days on Market increased 4.2 percent for existing homes but decreased 0.7 percent for new homes. Supply increased 28.6 percent for existing homes but increased 10.0 percent for new homes. Home prices have continued to climb nationwide, despite an uptick in inventory this year.

Nationally, the median existing-home price reached $407,600 as of last measure, a 5.7% increase from the same period last year and a record high for the month, according to NAR. Meanwhile, total inventory heading into May stood at 1.21 million units, a 9% increase month-overmonth and a 16.3% increase year-over-year, for a 3.5 month’s supply at the current sales pace.

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