The median price for single-family, re-sale homes rose 4.7% from April. The median price was off 23.9% year-over-year. The average price fell 9% month-over-month, and was down 30.2% compared to last May.
Sales of single-family, re-sale homes were up, year-over-year, by 10.3% in May. Year-to-date, home sales are up 21%.
Inventory was down 39.8% from last May. This is the thirteenth month in a row inventory has declined year-over-year.
The drop in inventory and the rise in sales combined to push our Days of Inventory indicator down 21 days to 156 days. In a balanced market, the supply of homes is usually around five to six months. For condos, the indicator rose thirteen days to 172 days.
The sales price to list price ratio rose 0.8 of a point to 98%.