The National Association of Realtors has reported a 0.7% decrease in existing home sales in May, with a total of 4.11 million homes sold at a seasonally-adjusted annual rate. This marks a 2.8% decline compared to the previous year. Inventory levels have increased, with 1.28 million units available at the end of May, representing a 6.7% increase from April and an 18.5% increase from the previous year. The unsold inventory equates to a 3.7-month supply at the current sales rate, with homes spending an average of 24 days on the market. The median existing-home price reached a record high of $419,300 in May, an increase of 5.7% from the previous year.
According to NAR Chief Economist Lawrence Yun, the lack of inventory continues to impact the market. He believes that increased housing supply in the coming months will help boost home sales and moderate price gains, providing consumers with more options when making purchasing decisions.
For more details, you can read the full report on the National Association of Realtors website.
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