Greater Boston’s housing supply jumped the most of any U.S. city in May, with its months of housing inventory rising 219% from the year before.

And it’s not just its housing supply that’s showing the Boston market is in peak season, according to the latest RE/MAX National Housing Report.

The report found May home sales were up 34.4% over April, although they were still down 23.2% from 2022. Nevertheless, the month-over-month growth bodes well for the selling season, especially when you consider that nationally, May home sales were up 20% from April. 

Nick Bailey, RE/MAX president and CEO, said that while May’s sizable jump in home sales signals the start of peak selling season, the lack of inventory still remains the biggest challenge for homebuyers. 

“With the vast majority of homeowners having a mortgage rate under 5% – and a good chunk of those are under 3.5% – we’re not seeing as much move-up activity as usual,” Bailey said. “That means fewer available listings for buyers to choose from – and most likely some continuing bumpiness in the market. That said, sales are still happening, and experienced agents are still finding solutions for their buyers and sellers.”

Boston home prices also held steady, up 1.5% from last year, with the median sale price of a home at $660,000.