by Calculated Risk on 6/03/2021 06:16:00 PM

Sales slumped in April and May 2020, so the year-over-year (YoY) increase is large.   That will likely reverse in June and sales will be down YoY.

Note: I'm tracking data for many local markets around the U.S. I think it is especially important to watch inventory this year.

From the DMAR: Monthly Indicators, May 2021

Total Residential Units Sold in May 2021 were 5,322, up 48.7% from 3,578 in May 2020.

Active Residential Listings in May 2021 were 2,075, down from 2,594 last month, and down 71.1% from 7,170 in May 2020.

Inventory in Denver had been fairly steady over the last 6 or 7 years, but declined sharply in 2020.  This is the lowest level of inventory for May on record.

Interesting - In May, half the homes listed were sold (under contract) within four days!