May 2025 Market Reports

Monthly Indicators

U.S. existing-home sales dipped 0.5% month-over-month and 2.0% year-over-year to a seasonally adjusted annual rate of 4.00 million units, according to the National Association of REALTORS® (NAR). Sales increased in the Midwest, decreased in the West and Northeast, and were unchanged in the South. Year-over-year, sales were down in every region except the Northeast.

New Listings were up 5.8 percent to 887. Pending Sales decreased 31.5 percent to 887. Inventory grew 39.5 percent to 2,232 units.

Prices moved higher as Median Sales Price was up 5.5 percent to $324,900. Days on Market increased 6.6 percent to 65 days. Months Supply of Inventory was up 39.4 percent to 4.6 months, indicating that supply increased relative to demand.

There were 1.45 million units actively for sale heading into May, a 9.0% increase from the previous month and a 20.8% improvement from the same time last year, for a 4.4-month supply at the current sales pace, according to NAR. The median existing-home price edged up 1.8% year-over-year to $414,000 as of last measure, the 22nd consecutive month of annual price increases and a new record high for the month.

Housing Supply Overview

U.S. sales of new residential homes rose 10.9% month-over-month and 3.3% year-over-year to a seasonally adjusted annual rate of 743,000 units, according to the U.S. Census Bureau. Economists polled by Reuters had forecast sales declining to a rate of 693,000 units for the month. There were an estimated 504,000 new homes for sale heading into May, for an 8.1-month supply at the current sales pace. For the 12 month period spanning June 2024 through May 2025, Pending Sales in the Western Upstate Association of REALTORS® region rose 0.1 percent overall. The price range with the largest pending sales gain was the $750,001 to $1,000,000 range, where sales were up 25.9 percent.

The overall Median Sales Price rose 2.4 percent to $306,000. The property type with the largest gain was the Condos segment, where prices went up 7.9 percent to $253,500. The price range that tended to sell the quickest was the $150,000 and Below range at 53 days. The price range that tended to sell the slowest was the $1,000,001 and Above range at 92 days.

Market-wide, inventory levels was up 39.5 percent. The property type with the largest gain was the Condos segment, where the number of properties for sale increased 65.1 percent. That amounts to 4.5 months of inventory for Single-Family Homes and 5.2 months of inventory for Condos.

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