Home Sales Rose for Fourth Straight Month as New Listings Slow
U.S. home sales rose for the fourth consecutive month in May, increasing 7.9% from April, yet remained slightly below last year’s level. Sales dipped 0.5% year over year, reflecting ongoing supply constraints as the number of new listings continued to slow.
Across the 51 metro areas surveyed, overall inventory increased 8.4% from April and 2.0% from May 2025. The annual gain marks the 29th consecutive month of year-over-year inventory growth dating back to January 2024. However, growth has moderated in recent months, with single-digit increases replacing the double-digit gains seen throughout 2025.
New listings declined 3.3% from April and fell 8.4% year over year, extending a seven-month streak of annual decreases dating to November 2025. The pullback in new listings is contributing to the slower pace of overall inventory expansion.
The median sales price in May rose 1.1%, or $5,000 from April, to $450,000, up 1.4% or $6,000 from one year ago.
“The housing market was finding its footing this spring, with steady month-over-month sales gains showing that buyers are still engaged,” said Chris Lim, REMAX President and Chief Growth Officer. “At the same time, the slowdown in new listings limited inventory growth. That’s keeping conditions competitive in many markets, even as price growth remains relatively moderate. For buyers and sellers alike, this is a market where timing and expert guidance matter more than ever.”
Other metrics of note:
- Days on market: Homes sold in an average of 42 days, three days fewer than in April but two days longer than one year ago.
- Months’ supply of inventory: 2.5 months, up from 2.3 in April and unchanged from May 2025.
- Close-to-list price ratio: 99%, unchanged from both last month and one year ago.
Highlights and local market results for May include:
New Listings
In the 51 metro areas surveyed in May 2026, the number of newly listed homes was down an average of 8.4% compared to May 2025 and down 3.3% compared to April 2026. The markets with the biggest decrease and increase in year-over-year new listings percentage were:
| New Listings: 5 Markets with the Biggest YoY Decrease | |||
| Market | May 2026 | May 2025 | Year-over-Year % Change |
| Dover, DE | 274 | 452 | -39.4 % |
| Washington, DC | 9,826 | 14,531 | -32.4 % |
| Baltimore, MD | 4,360 | 6,412 | -32.0 % |
| Trenton, NJ | 523 | 744 | -29.7 % |
| Philadelphia, PA | 8,469 | 11,876 | -28.7 % |
| New Listings: 5 Markets with the Biggest YoY Increase | |||
| Market | May 2026 | May 2025 | Year-over-Year % Change |
| Minneapolis, MN | 7,926 | 7,073 | +12.1 % |
| Cincinnati, OH | 3,592 | 3,302 | +8.8 % |
| Chicago, IL | 15,475 | 14,847 | +4.2 % |
| Richmond, VA | 2,350 | 2,267 | +3.7 % |
| Anchorage, AK | 764 | 739 | +3.4 % |
Closed Transactions
Of the 51 metro areas surveyed in May 2026, the overall number of home sales was down an average of 0.5% compared to May 2025 and up 7.9% compared to April 2026. The markets with the biggest decrease and increase in year-over-year sales percentage were:
| Closed Transactions: 5 Markets with the Biggest YoY Decrease | |||
| Market | May 2026 | May 2025 | Year-over-Year % Change |
| Providence, RI | 1,032 | 1,203 | -14.2 % |
| Hartford, CT | 901 | 1,023 | -11.9 % |
| New York, NY | 8,133 | 8,963 | -9.3 % |
| Houston, TX | 8,039 | 8,777 | -8.4 % |
| Burlington, VT | 202 | 218 | -7.3 % |
| Closed Transactions: 5 Markets with the Biggest YoY Increase | |||
| Market | May 2026 | May 2025 | Year-over-Year % Change |
| Manchester, NH | 416 | 352 | +18.2 % |
| Omaha, NE | 1,330 | 1,223 | +8.7 % |
| Washington, DC | 7,047 | 6,505 | +8.3 % |
| Miami, FL | 6,637 | 6,160 | +7.7 % |
| New Orleans, LA | 1,106 | 1,033 | +7.1 % |
Median Sales Price – Median of 51 metro area prices
In May 2026, the median of all 51 metro area sales prices was $450,000, up 1.4% from May 2025 and up 1.1% compared to April 2026. The markets with the biggest increase and decrease in year-over-year median sales price were:
| Median Sales Price: 5 Markets with the Biggest YoY Increase | |||
| Market | May 2026 | May 2025 | Year-over-Year % Change |
| Dover, DE | $367,450 | $339,950 | +8.1 % |
| St. Louis, MO | $307,250 | $288,250 | +6.6 % |
| Hartford, CT | $410,000 | $385,000 | +6.5 % |
| Omaha, NE | $340,000 | $320,000 | +6.3 % |
| Manchester, NH | $520,000 | $490,000 | +6.1 % |
| Median Sales Price: 5 Markets with the Biggest YoY Decrease | |||
| Market | May 2026 | May 2025 | Year-over-Year % Change |
| Orlando, FL | $405,000 | $414,990 | -2.4 % |
| Honolulu, HI | $740,000 | $750,000 | -1.3 % |
| Boston, MA | $730,000 | $739,785 | -1.3 % |
| San Antonio, TX | $310,950 | $315,000 | -1.3 % |
| Fayetteville, AR | $370,000 | $374,650 | -1.2 % |
Close-to-List Price Ratio – Average of 51 metro area prices
In May 2026, the average close-to-list price ratio of all 51 metro areas in the report was 99%, the same as May 2025 and April 2026. The close-to-list price ratio is calculated by the average value of the sales price divided by the list price for each transaction. When the number is above 100%, the home closed for more than the list price. If it’s less than 100%, the home sold for less than the list price. The metro areas with the highest and lowest close-to-list price ratios were:
| Close-to-List Price Ratio: 5 Markets with the Highest Close-to-List Price Ratio | |||
| Market | May 2026 | May 2025 | Year-over-Year Difference* |
| San Francisco, CA | 107.0 % | 103.7 % | +3.3 pp |
| Hartford, CT | 104.9 % | 104.9 % | +0.0 pp |
| Richmond, VA | 102.2 % | 101.3 % | +0.8 pp |
| Manchester, NH | 101.7 % | 102.3 % | -0.6 pp |
| New York, NY | 101.7 % | 101.6 % | +0.1 pp |
| *Difference displayed as change in percentage points | |||
| Close-to-List Price Ratio: 5 Markets with the Lowest Close-to-List Price Ratio | |||
| Market | May 2026 | May 2025 | Year-over-Year Difference* |
| Miami, FL | 94.1 % | 93.0 % | +1.1 pp |
| Bozeman, MT | 96.3 % | 95.8 % | +0.6 pp |
| Tampa, FL | 96.7 % | 96.7 % | 0.0 pp |
| New Orleans, LA | 96.8 % | 96.5 % | +0.3 pp |
| Houston, TX | 97.0 % | 97.4 % | -0.4 pp |
| *Difference displayed as change in percentage points | |||
Days on Market – Average of 51 metro areas
The average days on market for homes sold in May 2026 was 42, up two days compared to the average in May 2025 (40 days) and down three days compared to April 2026 (45 days). Days on market is the number of days between when a home is first listed in an MLS, and a sales contract is signed. The metro areas with the highest and lowest days on market averages were:
| Days on Market: 5 Markets with the Highest Days on Market | |||
| Market | May 2026 | May 2025 | Year-over-Year % Change |
| San Antonio, TX | 83 | 76 | +8.6 % |
| Miami, FL | 78 | 74 | +5.1 % |
| Phoenix, AZ | 71 | 68 | +4.5 % |
| Tampa, FL | 70 | 60 | +15.8 % |
| Orlando, FL | 63 | 65 | -2.5 % |
| Days on Market: 5 Markets with the Lowest Days on Market | |||
| Market | May 2026 | May 2025 | Year-over-Year % Change |
| Manchester, NH | 15 | 13 | +11.2 % |
| Hartford, CT | 17 | 19 | -7.6 % |
| Omaha, NE | 21 | 23 | -8.7 % |
| Cincinnati, OH | 22 | 28 | -20.4 % |
| Anchorage, AK | 23 | 20 | +14.3 % |
Months’ Supply of Inventory – Average of 51 metro areas
The number of homes for sale in May 2026 was up 2.0% from May 2025 and up 8.4% from April 2026. Based on the rate of home sales in May 2026, the months’ supply of inventory was 2.5, the same as May 2025 and up from 2.3 in April 2026. The markets with the highest and lowest months’ supply of inventory were:
| Months’ Supply of Inventory: 5 Markets with the Highest Months’ Supply of Inventory | |||
| Market | May 2026 | May 2025 | Year-over-Year % Change |
| Miami, FL | 5.4 | 7.0 | -22.4 % |
| New Orleans, LA | 4.9 | 3.6 | +35.2 % |
| San Antonio, TX | 4.9 | 5.4 | -10.0 % |
| Houston, TX | 4.3 | 4.1 | +5.1 % |
| Bozeman, MT | 4.2 | 4.2 | +1.8 % |
| Months’ Supply of Inventory: 5 Markets with the Lowest Months’ Supply of Inventory | |||
| Market | May 2026 | May 2025 | Year-over-Year % Change |
| Hartford, CT | 0.8 | 0.9 | -11.7 % |
| Manchester, NH | 1.0 | 1.0 | +7.4 % |
| Albuquerque, NM | 1.1 | 1.2 | -10.4 % |
| Cleveland, OH | 1.3 | 1.3 | -3.2 % |
| Anchorage, AK | 1.3 | 1.5 | -17.8 % |
SOURCE RE/MAX, LLC
