The typical increase in home sales as summer approaches failed to materialize nationwide last month, with average sales dropping 0.2% from April to May, but month-over-month sales in Atlanta dipped even further, declining 0.8%, according to the RE/MAX May National Housing Report.
RE/MAX provided a pre-pandemic average from 2015-2019, showing that the average gain from April to May is 13.9%.
Nationwide, the number of months of available housing inventory sunk to 1.1, while in Atlanta the number of months’ supply held steady from April at one month. That’s less than half of what it was a year ago when the number stood at 2.1 months.
“The first small step toward a more balanced market may have appeared in May, as home prices finally stabilized after a long run of sustained increases. At the same time, cooling sales defied typical April-May trends, and report records were set for low inventory and fast turnaround times,” RE/MAX, LLC President Nick Bailey said in a press release.
The median sales price nationwide remained steady at $320,000, which is 17% above the median of $273,498 a year ago.
“May had a little something for everyone — with buyers finally getting a break on prices, sellers benefiting from a lack of competitive inventory, and both sides served by speedier listing-to-contract periods.” Bailey added. “The market still tilts mainly toward sellers, but we could be seeing the first signs of a return to more balance after the hottest stretch of sales in years. Ultimately, that would be good for both buyers and sellers.”