Of the 26 major metropolitan statistical areas that Altos surveys, the median price rose to $444,273 during the month, up from $440,194 in April.
Regarding price increases, San Francisco and Washington, D.C. experienced the largest jumps, growing by 3.33 percent and 3.27 percent, respectively. Only New York and Las Vegas had lower one-month and three-month prices.
Compared to earlier spring numbers, the inventory rate declined slightly. However, seven of the 26 markets showed a double-digit increase for the 90-day average. Boston topped these areas with a 29 percent increase in inventory from the previous three months. Only three MSAs had three-month declines - Phoenix at 15.25 percent, Miami at 7.86 percent and Tampa with 1.78 percent. Only Miami and Tampa declined month-over-month and within the last three months.
Overall, the seven-day and 90-day averages increased for both median prices and inventory, which could be a positive sign for the real estate market moving forward.
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