Some Relief Maybe but still very competitive!
RE/MAX Said, ""Don’t get us wrong – even though the typical May ramp-up in home sales didn’t happen last month and home prices were uncharacteristically flat, it’s still a seller’s world we’re all living in. At least in the 53 metros measured in the RE/MAX National Housing Report for May 2021, that is. Two other metrics, Months Supply of Inventory (the total number of residential properties listed for sale at the end of the month divided by the number of sales contracts signed during the month) and Days on Market (the number of days between when a home is first listed in an MLS and a sales contract is signed), set report-records, with Months Supply of Inventory dropping to 1.1 months and homes changing hands in a mere 28 days. Still, May data showed some respite from the history-making sales prices seen in recent months."
Read more here>>>https://news.remax.com/cooling-home-sales-bring-some-relief-to-frenzied-housing-market