Existing Home Sales Down 3.4% in May - Real Estate Investing Today
Existing Home Sales Down 3.4% in May - Real Estate Investing Today
Abstract
The National Association of Realtors is reporting that existing home sales were down 3.4% in May to a seasonally-adjusted annual rate of 5.41 million. Total housing inventory at the end of May was 1,160,000 units, down 4.1% from one year ago. Unsold inventory sits at a 2.6-month supply at the current sales rate with properties remaining on the market for around 16 days. The median existing-home price for all housing types in May was $407,600 and was up 14.8% from one year ago. The NAR says this marks 123 consecutive months of year-over-year increases, still the longest-running streak on record. "Home sales have essentially returned to the levels seen in 2019 - prior to the pandemic - after two years of gangbuster performanceAlso, the market movements of single-family and condominium sales are nearly equal, possibly implying that the preference towards suburban living over city life that had been present over the past two years is fading with a return to pre-pandemic conditions." Said NAR Chief Economist Lawrence Yun.
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