Housing Market Update: Sales Increase as Listings Decrease in May

Home sales are picking up steam heading into the summer, with a seasonal 20% increase in home sales over April and an 8.7% rise in new listings, according to RE/MAX's May National Housing Market Report. While home sales are still down 18.7% from last May, solid demand amid tight inventory is helping push home prices up slightly. The Salt Lake City metro area continues to be among the top housing markets in the U.S. to see the most dramatic yearly declines in home sales since high interest rates chilled the market, but the area's median sales price is on the incline month over month.