The National Association of Realtors is reporting that existing home sales rose 1.1% in May to a seasonally adjusted annual rate of 5.62 million. The median existing-home price for all housing types in May was $252,800. Total housing inventory at the end of May increased 2.1% to 1.96 million existing homes available for sale, but is still 8.4% lower than one year ago and has fallen year-over-year for the past 24 consecutive months. Unsold inventory is sitting at a 4.2-month supply.
Lawrence Yun, NAR’s chief economist, said “the job market in most of the country is healthy and the recent downward trend in mortgage rates continues to keep buyer interest at a robust level….Those able to close on a home last month are probably feeling both happy and relieved. Listings in the affordable price range are scarce, homes are coming off the market at an extremely fast pace and the prevalence of multiple offers in some markets are pushing prices higher.”
Click here to read the full release at the National Association of Realtors.
