The National Association of Realtors is reporting that existing home sales were up 0.8% in May to a seasonally-adjusted annual rate of 4.03 million – down 0.7% year over year. Total housing inventory at the end of May was 1.54 million units, up 6.2% from April and up 20.3% from one year ago. Unsold inventory sits at a 4.6-month supply at the current sales rate with properties remaining on the market for around 27 days. The median existing-home price for all housing types in May was $422,800. The NAR says high mortgage rates are the problem:
“The relatively subdued sales are largely due to persistently high mortgage rates. Lower interest rates will attract more buyers and sellers to the housing market…increasing participation in the housing market will increase the mobility of the workforce and drive economic growth. If mortgage rates decrease in the second half of this year, expect home sales across the country to increase due to strong income growth, healthy inventory, and a record-high number of jobs.” Said the NAR’s Chief Economist Lawrence Yun.
Click here to read the full release at the National Association of Realtors.
