Closings in May were 8.5% lower than May 2021, despite the month typically being a strong sales month during spring home buying season, according to the latest RE/MAX National Housing Report for May 2022. 

Closings did, however, climb 5.8% over April. That month-over-month increase was approximately half of the average gain in May during the pre-pandemic years of 2015-2019, RE/MAX said.

After a long decline, inventory grew for the second consecutive month, making May the first month of 2022 to top inventory levels compared to one year ago. The month ended with 16.3% more homes for sale than in April, and 2.2% more than May 2021. Months supply of inventory increased from 0.8 in April to 0.9 in May. A year ago, months supply of inventory was 1.0.

The median sales price of $430,000 rose 1.2% over April’s $425,000 and was 13.2% higher than the $380,000 recorded in May 2021, the data showed, and the average close-to-list price ratio in May was 103%, meaning that homes sold for 3% more than the asking price. That compared to nearly 104% last month and 102% in May 2021.

Homes spent an average of 23 days on the market in May. They sold three days faster than in April, and two days faster than a year ago, RE/MAX said. 

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