Inman

A month in review: The May housing market

Every month, economists release a number of indices, reports and analyses of the housing market, and it can be difficult to keep up with them all.

Thankfully, the National Association of Realtors (NAR) recapped the month in its new Housing Minute monthly video series.

Seventy-one percent of homeowners believe now is a good time to sell.

May sales are up 1.1 percent month-over-month and 2.7 percent year-over-year, and May sales prices rose 5.8 percent year-over-year to a new peak median of $252,800.

There were 1.96 million active listings — an 8.4 percent drop from May 2016, and homes were on the market an average of 27 days. 

Signed contracts dipped for the third consecutive month, taking a 0.8 percent month-over-month and 1.7 percent year-over-year hit. 

Email Marian McPherson.