Home Sales Slowed for Third Month in a Row [Infographic]

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.