RE/MAX’s latest National Housing Report, tracking data for the month of May 2023 shows a market uptick compared to April. These results set June and July up to be “peak months” as usual.
Key details:
- Home sales increased 20% from April to May, but declined 18.7% year over year.
- New listings increased by 8.7% but were down 20.4% year over year.
- The median sales price reached $423,000, an increase of 3.2% compared to April. This is the highest price since June 2022, when it was $426,000.
- This increase in median sales price is attributed to tight inventory. However, the housing supply also experienced a slight increase month-over-month, rising by 0.4%. This is a 9.7% increase year-over-year.
- The average close-to-list price ratio for May was 100%. This is an increase from April’s 99% ratio and a decrease from the 103% ratio recorded a year ago.
- Homes sold in May were on the market for an average of 31 days, which is three days less than in April but 10 days longer than the same period last year.
New listings year-over-year
- Markets with the biggest increases
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- Kansas City, Missouri – 5.2%
- Fayetteville, Arkansas – 4.5%
- Des Moines, Iowa – 0.1%
- Markets with the biggest decreases
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- Phoenix, Arizona – -40.4%
- Las Vegas, Nevada – -35.8%
- Seattle, Washington – -35.4%
Closed transactions year-over-year
- Markets with the biggest increases
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- Bozeman, Montana – 3.1%
- Fayetteville, Arkansas – 3.1%
- Markets with the biggest decreases
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- Seattle, Washington – -33.9%
- Anchorage, Alaska – -32.5%
- Portland, Oregon – -31.8%
Median sales price year-over-year
- Markets with the biggest increases
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- Hartford, Connecticut – 11%
- Milwaukee, Wisconsin – 10.1%
- Trenton, New Jersey – 8.9%
- Markets with the biggest decreases
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- San Francisco, California – -10.7%
- Las Vegas, Nevada – -10%
- Phoenix, Arizona – -8.9%
Close-to-list-price ratio year-over-year
- Markets with the highest ratios
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- Hartford, Connecticut – 105%
- Burlington, Vermont – 104%
- Manchester, New Hampshire – 104%
- San Francisco, California – 104%
- Markets with the lowest ratios
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- Miami, Florida – 95%
- Coeur d’Alene, Idaho – 97%
- New Orleans, Louisiana – 97%
Months’ supply of inventory
- Markets with the highest supply
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- Coeur d’Alene, Idaho – 2.7 months
- New Orleans, LA – 2.5 months
- Bozeman, Montana – 2.4 months
- Miami, Florida – 2.4 months
- Markets with the lowest supply
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- Manchester, New Hampshire – 0.5 months
- Albuquerque, New Mexico – 0.6 months
- Baltimore, Maryland – 0.6 months
- Charlotte, North Carolina – 0.6 months
- Hartford, Connecticut – 0.6 months
- Milwaukee, Wisconsin – 0.6 months
- Seattle, Washington – 0.6 months
- Washington, DC – 0.6 months
- Markets with the greatest YOY increase
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- Boston, Massachusetts – 2.3 months supply, 219.1% increase.
- Raleigh, North Carolina – 1.2 months supply, +98.3 % increase.
- Nashville, Tennessee – 1.4 months supply, +94.4 % increase.
Days on the market
- Markets with the highest average
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- Fayetteville, Arkansas – 77 days
- Miami, Florida – 51 days
- Phoenix, Arizona – 50 days
- Market with the lowest average
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- Manchester, New Hampshire – 11 days
- Washington, D.C. – 11 days
- Baltimore, Maryland – 12 days
- Trenton, New Jersey – 12 days
- Markets with the biggest increase
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- Tampa, Florida: 13 days in May 2022, 42 days in May 2023. 219.6% increase.
- Orlando, Florida: 15 days in May 2022, 43 days in May 2023. 193.3% increase.
- Phoenix, Arizona: 21 days in May 2022, 50 in May 2023. +143.2 %
Key takeaways:
“The sizeable jump in May homes sales signals the start of the peak selling season, but lack of inventory remains the biggest challenge for home buyers,” said Nick Bailey, RE/MAX President & CEO. “With the vast majority of homeowners having a mortgage rate under 5%–and a good chunk of those are under 3.5% – we’re not seeing as much move-up activity as usual. That means fewer available listings for buyers to choose from–and most likely some continuing bumpiness in the market. That said, sales are still happening, and experienced agents are still finding solutions for their buyers and sellers.”
On Seattle’s decline in transactions year-over-year, John Manning, managing broker of local RE/MAX Gateway, said:
“The Seattle housing market remains defined by healthy demand and ultra-low supply. The local economy is extremely strong and well-represented in all the top industry sectors from fishing to medical to technology. While home prices have been pressured by higher mortgage interest rates, homeowners still see their homes as an excellent long-term investment. Additionally, almost all homeowners who purchased before 2022 benefit from historically low-interest rates. Combining strong long-term outlook with low-interest mortgages, Seattle homeowners have little incentive to sell their homes.”
For the full report, visit https://news.remax.com/press-release/remax-national-housing-report-for-may-2023.
