Existing home sales declined 0.9% in May to a seasonally adjusted annual rate of 5.80 million, according to the National Association of Realtors. It’s the fourth consecutive month of existing home sale declines. Year-over-year, existing home sales increased 44.6%.
“Home sales fell moderately in May and are now approaching pre-pandemic activity,” stated Lawrence Yun, NAR’s chief economist. “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.”
The median existing home price for all housing types increased 23.6% year-over-year to $350,300—a record high.
Supply is expected to improve, which will help tamp down record-high sales prices, Yun added.
Regionally, existing home sales decreased 1.4% in the Northeast, 0.4% in the South and 4.1% in the West. Existing home sales in the Midwest increased 1.6%.
The full NAR report can be found here.
