The National Association of Realtors is reporting that existing home sales were down 9.7% in May to a seasonally-adjusted annual rate of 3.91 million (26.6% lower than one year ago). Total housing inventory at the end of May was 1.55 million units, up 6.2% from April and down 18.8% from one year ago. Total unsold inventory was at a 4.8-month supply at the current sales pace with properties remaining on the market for around 27 days. The median existing-home price for all housing types was $284,600, up 2.3% from May, 2019. However, the Realtors remain optimistic as the economy comes out of Coronavirus lockdowns.
“Sales completed in May reflect contract signings in March and April – during the strictest times of the pandemic lockdown and hence the cyclical low point,” said Lawrence Yun, NAR’s chief economist. “Home sales will surely rise in the upcoming months with the economy reopening, and could even surpass one-year-ago figures in the second half of the year.”