"Despite the slowdown in new listings in May, anytime we see inventory levels rise overall, it’s a good sign,” said 2024 MNR President Geri Theis. “Both buyers and sellers can find opportunities in this market by working with a trusted local Realtor®." 

Seller activity remained steady, while buyer activity was lower compared to May 2023. Supply levels have increased for the tenth consecutive month as home prices continue to rise. Many consumers and real estate professionals had anticipated lower fixed mortgage rates by now, leading some buyers to delay their purchase decisions due to decreasing affordability. Despite an increase in closed sales and inventory, new listings and pending sales declined compared to last May, indicating a slightly cooler market this spring.