The National Association of Realtors are reporting that existing home sales were up 2.5% in May, marking the first time in two months that there was an increase in sales. The NAR says that all four major U.S. regions saw a sales growth, with the Northeast experiencing the biggest surge. The median existing-home price for all housing types was $277,700, up 4.8% from May, 2018. Total housing inventory at the end of May was 1.92 million, representing a 4.3-month supply at the current sales pace. However, they do point out that while inventory is up, the months’ supply numbers remain near historic lows.
Lawrence Yun, NAR’s chief economist, said the 2.5% jump shows that consumers are eager to take advantage of the favorable conditions. “The purchasing power to buy a home has been bolstered by falling mortgage rates, and buyers are responding.”