The National Association of Realtors is reporting that existing home sales were down 0.7% in May to a seasonally-adjusted annual rate of 4.11 million – down 2.8% year over year. Total housing inventory at the end of May was 1.28 million units, up 6.7% from April and up 18.5% from one year ago. Unsold inventory sits at a 3.7-month supply at the current sales rate with properties remaining on the market for around 24 days. The median existing-home price for all housing types in May was $419,300 – the highest price ever recorded and up 5.7% from one year ago.
The NAR says lack of inventory continues to be a culprit.
“Eventually, more inventory will help boost home sales and tame home price gains in the upcoming months…Increased housing supply spells good news for consumers who want to see more properties before making purchasing decisions.” Said NAR Chief Economist Lawrence Yun.
Click here to read the full report at the National Association of Realtors.
