2nd Look at Local Housing Markets in May

Jun 19, 2026

First, the NAR is now reporting existing home sales much earlier in the month than in previous years. According to the 2026 release schedule, the NAR will report sales as early as the 9th of the following month. For example, for May 2025 sales the NAR reported sales on June 23rd last year. This year, the NAR reported May sales on June 9th - a full 2 weeks earlier in the month!

I’ve been tracking local data to see the regional differences in sales and inventory, and also to get an early estimate of the NAR report (This had been very accurate). Now we will have a much smaller sample to use for an early projection.

The NAR reported existing home sales in May at 4.17 million on a seasonally adjusted annual rate basis (SAAR), up 3.2% year-over-year. On an NSA basis, sales were unchanged YoY. There was one fewer working days in May 2026 (20) as in May 2025 (21). So, the year-over-year change in the headline SA data was up 3.2% while the NSA data year-over-year was unchanged (there are other seasonal factors).

California Sales up 5.1% Year-over-year Seasonally Adjusted

California reports seasonally adjusted sales and some measures of inventory. From the California Association of Realtors® (C.A.R.): California Home Sales Rise From Year-Ago as Median Home Price Breaks a New Record in May

California home sales increased from the previous year in May for the second consecutive month, while a shift in sales of higher-priced properties buoyed California’s median home price to another historic high as housing supply tightens, the CALIFORNIA ASSOCIATION OF REALTORS^® (C.A.R.) reported today.
With home sales increasing at a year-over-year growth pace of 5.1 percent to a seasonally adjusted annualized rate of 268,810 homes, the California housing market experienced the strongest annual gain in eight months, according to data collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. On a month-over-month basis, home sales dipped 3.1 percent from April’s upwardly revised 277,360 units. The statewide annualized sales figure represents what would be the total number of homes sold during 2026 if sales maintained the May pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
May’s statewide sales remained below the 300,000-unit benchmark for the 44th consecutive month. Despite the month-to-month pullback, May’s stronger-than-expected performance pushed sales up 1.2 percent through the first five months of 2026, an indication that homebuying activity has picked up as geopolitical tensions showed signs of easing in recent weeks. …
• Existing, single-family home sales increased 5.1 percent year over year to 268,810 in May on a seasonally adjusted, annualized basis and were down 3.1 percent from 277,360 in April.
• The statewide median home price reached a record high for the second straight month to $930,260, up 2.3 percent from April’s downwardly revised price of $909,410 and up 3.1% from $902,040 in May 2025.
• Year-to-date sales increased 1.2 percent through the first five months of 2026.
emphasis added

Closed Sales in May

Important: There was one fewer working days in May 2026 (20) as in May 2025 (21). So, the year-over-year change in the headline SA data was greater than the change in NSA data (there are other seasonal factors).

Notes for all tables:

New additions to table in BOLD.
Northwest (Seattle)
Totals do not include Atlanta, Denver and Minneapolis (included in state total)
Comparison to 2019 ONLY includes local markets with available 2019 data!

Sales for these markets were down slightly year-over-year NSA (the NAR reported sales were unchanged NSA in May).

Sales in all of these markets are down sharply compared to May 2019.

This graph shows existing home sales by month for 2025 and 2026, on a Seasonally Adjusted Annual Rate (SAAR) basis. Last year, the NAR reported sales in May 2025 were at 4.04 million SAAR.