The National Association of Realtors is reporting that existing home sales were down 0.9% in May to a seasonally-adjusted annual rate of 5.80 million (up 44.6% from one year ago). Total housing inventory at the end of May was 1.23 million units, down 20.6% from one year ago. Unsold inventory sits at a 2.5-month supply at the current sales pace with properties remaining on the market for around 17 days. The median existing-home price for all housing types was $350,300, up 36.6% from May, 2020. This was the largest year-over-year price increase that the NAR has ever recorded, going back to 1999. Once again, there just aren’t enough homes for sale to meet demand.
“Lack of inventory continues to be the overwhelming factor holding back home sales, but falling affordability is simply squeezing some first-time buyers out of the market.” Said Lawrence Yun, NAR’s chief economist.