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Sales Slip as Home Prices Hit Record High Across U.S.
Existing-home sales declined in May for the third consecutive month as the median sales price climbed to a record high of $419,300, up 5.8% from a year ago, the National Association of Realtors said Friday. In the four major U.S. regions, sales slid month-over-month in the South but were flat in the Northeast, Midwest and West. Year-over-year, sales rose in the Midwest but receded elsewhere.
Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – retreated 0.7% from April to a seasonally adjusted annual rate of 4.11 million in May. The Y-O-Y decline was 2.8%.
“Eventually, more inventory will help boost home sales and tame home price gains in the upcoming months,” said NAR chief economist Lawrence Yun. “Increased housing supply spells good news for consumers who want to see more properties before making purchasing decisions.”
Total housing inventory at the end of May was 1.28 million units, up 6.7% from April and 18.5% Y-O-Y. Unsold inventory sits at a 3.7-month supply at the current sales pace, up from 3.1 months in May 2023.
- ◦Sale/Acquisition
- ◦Economy
