Residential real estate sales continue to illustrate steady strengthening. Though inventory constraints eased in May, limited supply persists and is applying pressure to both price and the speed of transactions. The average number of days on the market fell to a multi-year low (52 days) in May. Year-over-year, pace increased by 5.1 percent, from 11,787 transactions for the month in 2016 to 12,383 in 2017. Month-over-month, sales increased according to historical seasonal trends, rising 18 percent from April (10,496). Last year’s sales from April to May rose by 15.5 percent. Typically, pace rises each month from the beginning of the calendar year through the summer peak.
May 2017 volume (the sum of all transactions) exceeded $4.359 billion, rising 10.1 percent from last May’s volume ($3.961 billion). Year-to-date, residential sales volume exceeds $15.252 billion, an increase of 10.7 percent from the same period in 2016.
Click here to view the full May 2017 Home Sales Report.