Greater Boston’s housing supply tops country in latest report MABA MassachusettsRealEstate FirstTimeHomeBuyers MaBuyerAgent

Greater Boston’s housing supply jumped the most of any U.S. city in May, with its months of housing inventory rising two hundred and nineteen percent from the year before. And it’s not just its housing supply that’s showing the Boston market is in peak season, according to the latest RE/MAX National Housing Report. The report found May home sales were up thirty four point four percent over April, although they were still down twenty three point two percent from 2022. Nevertheless, the month-over-month growth bodes well for the selling season, especially when you consider that nationally, May home sales were up twenty percent from April.

Nick Bailey, RE/MAX president and CEO, said that while May’s sizable jump in home sales signals the start of peak selling season, the lack of inventory still remains the biggest challenge for homebuyers. “With the vast majority of homeowners having a mortgage rate under five percent and a good chunk of those are under three point five percent we’re not seeing as much move-up activity as usual,” Bailey said. “That means fewer available listings for buyers to choose from and most likely some continuing bumpiness in the market. That said, sales are still happening, and experienced agents are still finding solutions for their buyers and sellers.”
Boston home prices also held steady, up one point five percent from last year, with the median sale price of a home at $660,000.

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