Sales of existing single-family homes were up for the fourth month in a row in May while prices also continued to rise year-on-year.

Latest figures from Maine Listing revealed sales were up by 3.96% when compared to May 2023. The median sales price (MSP) was also higher, by 7.06%, over the same month a year ago to stand at $398,250.

The MSP indicates half of homes sold for more and half for less.

Increasing numbers of homes for sale has helped fuel the spike in units closed. The 3,896 homes on the market in May represented the highest number available since August of 2022 and the second highest since September 2021.

Nationally sales dipped by 2.1% in May compared to May 2023 according to the National Association of Realtors (NAR). But prices were up year-on-year by 5.7% – the MSP for a single family home in America now stands at $424,500.

Regionally, sales in the Northeast were down by 4% while the MSP increased 9.2% to $479,200 when comparing May 2024 to May 2023.

Full press release and county-by-county stats