The inventory of new homes for sale surged year over year, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.    

Three-bedroom single-family rents grew 12.5% year over year during the first half of 2025, averaging $4,500.

At the same time, the pace of existing-home sales declined from May’s level. 

Nationally, home sales rose 5.7% year over year and 1.3% month over month, RE/MAX said. 

New single-family home construction declined as builders continue to grapple with macroeconomic headwinds. 

Purchase applications slowed to their lowest level since May as economic worries dampened activity, the Mortgage Bankers Association said. 

Wellesley, Winchester, Lexington and Needham ranked among the nation’s top suburbs based on median household income, home values and other economic indicators.

May’s 1.8% monthly gain follows a 6.3% drop in April, the National Association of REALTORS® said. 

“The biggest trend we’re seeing in the market over the last few months is the increase in inventory,” noted CCIAOR President Todd Machnik.

The pace of home-price appreciation slowed to its most modest pace since 2023, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Index. 

The median-sales price for an existing home rose 1.3% year over year to $422,800. 

Nationally, home sales slid 3.5% year over year but rose 8.6% month over month, RE/MAX said. 

Homebuilder sentiment recently reached its third-lowest level since 2012. 

Housing inventory boomed during the month of May even as high prices continued to break records, according to a report released by the Greater Boston Association of REALTORS.

“With the continued increase in new listings, it’s a positive sign for buyers struggling to
find their stride in the market,” said Sarah Gustafson.

The Mortgage Bankers Association said the post-Memorial Day increase came despite economic uncertainty and largely static interest rates.