In May, the National Association of Realtors reported a decline in existing-home sales for the third consecutive month. This was accompanied by a record high median sales price of $419,300, reflecting an increase of 5.8% from last year. While there were flat sales in the Northeast and Midwest regions and a decrease in the South region on a monthly basis, there was an overall rise in home sales compared to last year.
The total number of completed transactions for existing homes – including single-family homes, townhomes, condominiums and co-ops – decreased by 0.7% from April to reach 4.11 million at a seasonally adjusted annual rate in May. On an annual basis as well, there was a decline of 2.8%.
According to NAR’s chief economist Lawrence Yun,”More inventory will eventually lead to higher home sales and moderate price increases over the next few months.” The current housing supply stands at 1..28 million units as per data collected at end-May which is up by6 .7% from Apriland18 .5 %fromlastyear.Unsoldinventorycurrentlyhasa3 .7-monthsupplyatthecurrentsalespacewhichisupfrom3 .1monthsreportedinMay2023.
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