Overview

• Home sales in May were among the lowest in a decade, with only October 2023 and May 2020 recording fewer sales.
• Median home prices reached a record high of $439,716, rising 5.1% year-over-year.
• High mortgage rates, hovering around 7%, have deterred both buyers and sellers.
• Property touring activity increased by nearly 30% from the beginning of 2024, indicating renewed buyer interest.
• Cooling inflation and potential rate reductions could offer some relief to homebuyers.