Inventory slows during May, but median prices up

Home prices are up in many areas.The latest report from Altos Research discovered that the median prices of homes nationwide increased during May, while inventory slowed slightly.Overall, the Altos national median price settled at $444,273 during May, which is an improvement from $440,194 in April.Home prices also experienced significant increases throughout the country. San Francisco, Washington, D.C., and San Jose led the nation, as their prices grew between 3.14 percent and 3.33 percent. Of the 26 major metropolitan statistical areas surveyed by Altos, only two had declining prices – New York at 2.85 percent and Las Vegas at 0.76 percent. Houston properties, by comparison, averaged $216,668 during May – a 1.4 percent month-over-month increase and a 3.21 percent jump from the previous three months.Inventory levels fluctuated as well during the month. While the numbers are slower than earlier months, the overall supply was up 3.17 percent month-over-month. Boston experienced the largest jump, with 8.39 percent more available units. Houston's market had 35,295 available units, which was down 1.18 percent from April, but up 5.53 percent during the last three months.As employment rates continue to get better, Houston's real estate market could continue to improve.Courtesy of 2M Realty News?

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