May Market Report: Housing Recovery Maintains Stability

Home sales and new listings declined compared to last year as mortgage rates rose, pausing the housing recovery. New listings fell 4.1% year over year, while sales dropped 2.9%. Inventory increased slightly by 1%, continuing a 30-month growth streak but slowing. Typical home values rose 0.6% monthly to $368,720, with mortgage payments averaging $1,861, 3.1% lower than last year. Homes took 18 days to sell, and rents increased 2% annually.