I bought my first home in May 2022, and as a mortgage and real estate reporter, I knew that I was dealing with a May housing market unlike any preceding it. I was buying a place near Seattle, where we had to waive all of our contingencies and offer way over the asking price for a seller to even consider our bid.
It drove me up a wall each time my friends and family offered unsolicited advice about buying a house. Even people who had bought just a few years before had no idea what it was like buying a house after the COVID-19 pandemic hit.
None of the usual home-buying rules applied. It was the Wild West out here.
Thankfully, the housing market has been self-correcting in late 2025 and early 2026. (No I’m not jealous of current homebuyers … not at all.) The national market dynamics this May could actually start to resemble pre-pandemic activity.
The National Association of Realtors (NAR) has released its May 2026 outlook. This study breaks down the buyer trends, inventory, and sales we can generally expect in May based on seasonality trends, which are tendencies we typically see every May.
“It is important to note that the following estimates represent a ‘normal’ pre-pandemic spring (1999-2019),” Chris Lux, economist at the NAR, writes in the article. “This allows us to compare today’s housing market with what is typically expected at this time of year.”
Expect homebuyer demand to increase in May
According to the National Association of Realtors Market Dynamics of May study, month-over-month existing-home sales usually increase 10.7% in May.
This can at least partly be attributed to May marking the end of the school year in most parts of the U.S. Families want to use the summer break to move into their new home, get settled, and maybe even switch school systems before classes pick back up.
The days are also warmer and longer in May than April. The warm weather makes it more pleasant to attend open houses or tour multiple homes in one day, and the longer daylight hours gives people more time to do so.
Related: Americans are losing money with this homebuying mistake
Demand could also outpace supply in May. While the end of the school year can be a good time for buyers to shop for homes, it can be a difficult time for sellers. Preparing your house for listing is difficult and time-consuming, so families might wait until their kids are out of school to dedicate the time to putting their homes on the market.
“Some sellers may also be aware that holding out until June or July may lead to even better offers, and, given the season’s faster turnover, they can expect to sell within a month of the listing date,” Lux writes.
When there is more demand than supply, homebuyers should expect to face more competition. This can lead to higher listing prices as sellers gain a bit of power.
Homes usually sell faster than in early spring
Looking at monthly averages from 2015-2019, the National Association of Realtors found that the average home stays on the market for 30 days in May. (Remember, the organization didn’t consider data from 2020-2025 due to skewed data during the COVID-19 pandemic.)
This is two fewer days than the April average and the exact same number as the June average. Historically, May and June are tied for the lowest number of days houses spend on the market.
More on real estate and the housing market:
- Berkshire Hathaway sends strong message about down payments
- Real estate experts spot crucial signal for homebuyers
- Freddie Mac reveals shifting mortgage rate trends
“As previously mentioned, the combination of favorable weather conditions and the abundance of buyers relative to inventory contribute to less time spent on the market for a typical home,” Lux writes.
Higher demand and faster selling times are both signs that May is a competitive time for homebuyers. Although the competition probably won’t be anywhere near as fierce as in 2020-2022, you still might have to craft a competitive offer on a house to beat out other buyers.
The types of homebuyers hitting the market in May
For those sellers who do list their homes in May — what type of homebuyers can you expect to encounter?
- Historically, the monthly percentage of houses purchased by first-time homebuyers ticks down in May. The decrease is small (0.6%), but it tends to be the first decline in first-time buyers since January.
- The dip in first-time homebuyers is partly due to higher prices in the spring and summer months. Other first-time buyers fall into the category of families who are waiting until their kids are out of school to shop for homes, which is as late as June in some parts of the country.
- Higher May home prices also results in a 0.3% monthly downtick in cash-only buyers. The more expensive homes are, the more likely people are to need financing through a mortgage lender. Cash-only buyers’ entire goal is to avoid borrowing money for a house.
- As a result, sellers may work with repeat buyers who need financing through a mortgage lender.
Source: National Association of Realtors
Related: NAR reveals problem with housing market, affordability
