May 2023 Highlights:
- The number of homes for sale increased by 21.5% compared to May 2022.
- The total number of unsold homes (including homes under contract) decreased by 0.2% compared to May 2022.
- Home sellers were less active, with 22.7% fewer newly listed homes than in May 2022.
- The cost of purchasing a home remained high due to elevated mortgage rates.
- The median price of homes for sale increased by 0.9% annually, which was lower than the April 2023 growth rate.
- Homes spent 43 days on the market, 14 days longer than in May 2022 but still shorter than before the pandemic.
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