The prices for single-family, re-sale homes rose for the fourth month in a row in May, compared to the month before. The median price was up 19.3%, while the average price gained 10.2%. Year-over-year, the median price was down 14.4%, and the average price was off 21.3%.
This is the highest the median price has been since September 2008.
Home sales were up 9.6% from April, but off 13.9% compared to last May. Year-to-date, home sales are down 11.1%.
Inventory was down 5.9% from April, and off 35.2% compared to last May.
Our Days of Inventory indicator fell 20 days to 128 days.
The sales price to list price ratio was flat at 98.2%.
Condo sales were up 45.9% from April, but were off 6.3% year-over-year.
The median price for condos rose 9.1% month-over-month, but was off 20.8% compared to last May. The average price for condos gained 2.7%, month-over-month, but was down 26% year-over-year.
Condo inventory fell 7% month-over-month, and was down 30% year-over-year.
The sales price to list price ratio dropped 0.3 of a point to 96.7%.
The real estate market is very hard to generalize. It is a market made up of many micro markets. For complete information on a particular neighborhood or property, call me.
These statistics are generated using information from the MLSListings Inc. MLS, but have not been verified and are not guaranteed. MLSListings Inc. disclaims any responsibility for the accuracy and reliability of these statistics. This information should not be relied upon for real estate transaction decisions.
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