Existing-home sales rose in May, according to the National Association of Realtors. Sales elevated in the Northeast, Midwest and South, but retreated in the West. Year-over-year, sales progressed in the Northeast and Midwest but contracted in the South and West.
“The relatively subdued sales are largely due to persistently high mortgage rates. Lower interest rates will attract more buyers and sellers to the housing market,” said NAR Chief Economist Lawrence Yun. “Increasing participation in the housing market will increase the mobility of the workforce and drive economic growth. If mortgage rates decrease in the second half of this year, expect home sales across the country to increase due to strong income growth, healthy inventory and a record-high number of jobs.”
National snapshot
Total existing-home sales
Nation’s home sales inch forward
0.8% increase in total existing-home sales one month-over-month to a seasonally adjusted annual rate of 4.03 million.
0.7% decrease year-over-year, sales declined 0.7% (down from 4.06 million in May 2024).
Inventory
1.54 million units: Total housing inventory, up 6.2% from April and 20.3% from May 2024 (1.28 million).
4.6-month supply of unsold inventory, up from 4.4 months in April and 3.8 months in May 2024.
Median sales price
$422,800: Median existing-home price three for all housing types, up 1.3% from one year ago ($417,200) — a record high for the month of May, and the 23rd consecutive month of year-over-year price increases.
Single-family homes
1.1% increase in sales to a seasonally
Photo by Ryan McVay / Getty Images
The real estate market has gained a little momentum as more homebuyers have decided to take the plunge.
To ensure all safety standards are met and compliance with the law, check with city or county building o cials before you start a home rennovation project.
THINKING ABOUT RENOVATING?
Check with your building department first
StatePoint Media
F
rom updating an outdated kitchen to adding a home o ce, home renovations can be exciting. Before you dive in, it’s critical to understand the local safety requirements that impact your projects.
The International Code Council’s annual Building Safety Month campaign raises awareness about the role that building codes play in keeping everyone safe and the important work done by building safety professionals, including those in a local building department. Kevin McOsker, the Code Council’s vice president of Technical Resources, o ers advice to help you renovate safely: First, meet with your local building department — Before beginning any home improvement project, you’ll want to meet with your local building department. They can walk you through the local building codes as well
as the process for obtaining permits and inspections. Failing to meet the requirements outlined in the code can result in unsafe living conditions, failed inspections or costly rework.
To contact your local building department, start with your city or county’s o cial website and look for the building or planning department. You can also call your city hall or visit in person.
Remember, building departments want to help make your project a success. Some building departments even have approved details and drawings to assist you with simple permits, construction and inspections.
When reaching out, ask:
• Do I need a permit for this type of work?
• How much does the permit cost?
• Are there speci c code requirements
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Renovating
• How do I schedule inspections and when should they happen?
Next, secure a permit and inspection — A building permit is an o cial approval that allows you to proceed with a renovation or construction project. Permits are crucial because they ensure your project is safe and in compliance with local building codes and regulations. These regulations are designed to keep you safe from hazards inside the building as well as protect you from extreme weather events.
Skipping the permit process can lead to additional fees, stopwork orders or even complications when selling your home. In some jurisdictions, it may even be a misdemeanor o ense that could carry
Continued from 3
signi cant nes. Once you’ve secured a building permit, you’ll need an inspection. Building inspections are an o cial review of your renovation at key milestones during the construction process. They’re conducted by a certi ed professional to con rm that the work being done complies with local building code requirements.
Common home renovation mistakes
• Skipping permits to save time or costs: Skipping permits o en leads to greater expenses later if your ned, assessed additional fees or could even require you to redo completed construction work at your expense.
• Assuming minor changes don’t require
approval: Even small updates can greatly impact safety and need permits and inspections.
• Hiring unlicensed contractors: They may not follow the code, have no license to perform the work and usually do not carry any insurance, which puts your project and your home at risk. Licensed contractors are accountable to the licensing board, just like your doctor.
• Failing to schedule necessary inspections: Without a nal signo , your project may be considered incomplete, non-compliant or worse — create an unsafe condition. By working with your local building department, you can ensure your project meets standards, avoids legal issues and creates a safe space for everyone in your home.
Home sales
adjusted annual rate of 3.67 million, up 0.3% from May 2024.
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$427,800: Median home price in May, up 1.3% from May 2024.
Condominiums
and
co-ops
2.7% decrease in sales to a seasonally adjusted annual rate of 360,000 units, down 10.0% from May 2024.
$371,300: Median price, up 0.7% from May 2024.
Regional snapshot
Northeast: 4.2% increase in sales monthover month to an annual rate of 500,000, up 4.2% year-over-year. $513,300: Median price, up 7.1% from May 2024.
Midwest: 2.1% increase in sales month-over month to an annual rate of 990,000, up 1% year-overyear. $326,400: Median price, up 3.4% from May 2024.
increases — most notably the West. Year-overyear, contract signings rose in the Midwest and South, while they fell in the Northeast and West. This report equips real estate professionals who are REALTORS® with valuable information that helps them serve their clients and get to their next transaction.
“Consistent job gains and rising wages are modestly helping the housing market,” said Yun. “Hourly wages are increasing faster than home prices. However, mortgage rate uctuations are the primary driver of homebuying decisions and impact housing a ordability more than wage gains.”
South: 1.7% increase in sales month-over month to an annual rate of 1.84 million, down 0.5% year-over-year. $367,800: Median price, down 0.7% from May 2024.
West: 5.4% decrease in sales month-over month to an annual rate of 700,000, down 6.7% year-over-year.
$633,500: Median price, up 0.5% from May 2024.
Pending home sales also up
Pending home sales increased by 1.8% in May from the prior month and 1.1% year-overyear, according to the NAR Pending Home Sales report. All four U.S. regions experienced month-over-month
Regarding regional di erences, Yun added, “The Northeast’s housing shortage is boosting home prices, with more than a quarter of homes selling above list price. Conversely, more inventory in the South gives home buyers greater negotiation power. Price declines in the South should be considered temporary given the region’s strong job creation.”
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DRE#01308662
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