The U.S. housing market has exceeded one million active listings for the first time since the winter of 2019, according to the May Monthly Housing Trends Report from Realtor.com. In turn, newly listed home rose 7.2% year over year.  

All 50 of the largest U.S. metros cited annual inventory gains in May, with 22 from the South and West that have rebounded to their 2017-2019 inventory norms.  

The report doesn’t indicate a booming season just yet, as homes took a medium 51 days to sell, which is six days longer than last year, and price cuts rose for the fifth straight month. 

Last month, 19.1% of listings featured reduced prices, the highest share for any May since at least 2016, according to the report. Metros with the steepest price reductions were mostly in the West and South, including Phoenix.  

“The number of homes for sale is growing and even hit a key milestone in May, with more than a million active listings. But not every housing market is equally well-supplied,” said Realtor.com Chief Economist Danielle Hale in a press release. “Recent construction trends explain a lot of the variation in recovery that we see across markets. Many markets that built aggressively during and after the pandemic are now seeing more listings, longer time on market and even some modest price softening. In contrast, markets that didn’t build as many homes are still facing an acute shortage, which continues to prop up prices and limit buyer options.”