May Home Sales Hit Their Best Pace Since December
The housing market finished May on a strong note. Existing home sales rose 3.2% from April and matched that same gain compared to a year earlier, reaching a seasonally adjusted annual rate of 4.17 million units, the strongest pace recorded since December 2025.
The numbers came in ahead of expectations, and the rebound is being credited to a combination of improving affordability and hesitant buyers, who had been waiting, finally stepping off the sidelines.
Mortgage rates played a role as well. Rates in May averaged 6.44%, up slightly from April but still meaningfully lower than where they stood a year ago. That year-over-year improvement has helped affordability improve across all four regions nationally, with the West seeing the strongest gains.
First-time buyers are also showing up in greater numbers, making up 35% of sales in May, up from 30% a year ago. That shift is worth watching, as first-time buyer activity has been suppressed for several years by affordability pressures.
Home prices continued to rise as well. The national median reached $429,300 for May, a record high for the month and the 35th consecutive month of year-over-year price gains. Homes are also moving faster, with the median days on market dropping to 29 days.
The overall picture is a market gaining momentum after a slow start to spring. More buyers are active, inventory has improved, and homes that are priced well are continuing to attract strong interest.
If you have questions about how these trends are affecting the local market or what they mean for your buying or selling plans, reach out anytime. I am always happy to help you navigate what the numbers actually mean for your situation!
