Compared to the same time last year, home prices increased 6.8 percent in May to $288,000, and sales jumped 7.5 percent to 287,000.
Redfin reports that a little more than 25 percent of homes sold above list price, the highest share recorded.
While sales and prices are up, inventory is down. The number of homes for sale dropped 10.9 percent in May, the 20th straight month with year-over-year declines.
In 29 out of 89 metros, sales surged by double digits from last year. Poughkeepsie, NY led the nation in year-over-year sales growth, up 44.4%, followed by Memphis, TN, up 40.2%. Philadelphia, PA rounded out the top three with sales up 28.3% from a year ago.