May’s Tri-Cities home sales stayed flat from a year ago while prices posted single-digit increases.

There were 790 sales as of the 10^th of the month, up 0.1% from last year. The median price ($299,740) was up 4.8%, according to the Northeast Tennessee Association of Realtors® (NETAR).

The National Association of Realtors® (NAR) is reporting U.S. home sales are up 3.2% and the median price is $429,300.

Lower mortgage rates and increasing affordability are pulling more buyers into the local and U.S. markets, while tight inventory is sustaining local price growth. Multiple offers have returned in the affordable price ranges.

The affordable market ($160K-$299,999) dipped slightly from the average market share that ranges slightly below 46% to 39%.

Move-up market sales ($300K-$499,999) accounted for 35.8% of all sales.

The $500,000+ luxury market share was 14.2%.

The pattern across all three market comparisons is consistent. Sales volume is steady. Prices are rising at a moderate clip. The entire market has moved up the price ladder. The $400,000 range now carries the year-over-year growth, and the lowest price points have all but disappeared.

May’s total sales volume was $272.3 million, up $10 million from last year. Adding the multiplier per sale effect to May’s sales volume shows home sales and related real estate activities added $367.6 million to the Tri-Cities’ economy last month.