May 2025- Big drop for the average days on market, good news!

Queensbury, NY- U.S. existing-home sales dipped 0.5% month-over-month and 2.0% yearover-year to a seasonally adjusted annual rate of 4.00 million units, according to the National Association of REALTORS® (NAR). Sales increased in the Midwest, decreased in the West and Northeast, and were unchanged in the South. Year-over-year, sales were down in every region except the Northeast.

New Listings increased 2.0 percent to 598. Pending Sales increased 5.0 percent to 398. Inventory increased 9.2 percent to 938.

Median Sales Price increased 2.8 percent from $400,930 to $412,000. Days on Market decreased 17.6 percent to 28. Months Supply of Inventory increased 11.5 percent to 2.9.T

There were 1.45 million units actively for sale heading into May, a 9.0% increase from the previous month and a 20.8% improvement from the same time last year, for a 4.4-month supply at the current sales pace, according to NAR. The median existing-home price edged up 1.8% year-over-year to $414,000 as of last measure, the 22nd consecutive month of annual price increases and a new record high for the month.

Residential activity in the counties of Essex, Hamilton, Saratoga, Warren, and Washington is composed of single-family properties, townhomes, and condominiums combined.  Percent changes are calculated using rounded figures.