Existing-Home Sales Declined 0.7% in May
Washington, DC, June 21, 2024-Total existing-home sales retreated 0.7% from April to a seasonally adjusted annual rate of 4.11 million in May, according to the National Association of Realtors. Year-over-year, sales waned 2.8% (down from 4.23 million in May 2023).
"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 registered at the end of May was 1.28 million units, up 6.7% from April and 18.5% from one year ago (1.08 million). Unsold inventory sits at a 3.7-month supply at the current sales pace, up from 3.5 months in April and 3.1 months in May 2023.
The median existing-home price for all housing types in May was $419,300, the highest price ever recorded and an increase of 5.8% from one year ago ($396,500). All four U.S. regions registered price gains.
"Home prices reaching new highs are creating a wider divide between those owning properties and those who wish to be first-time buyers," Yun added. "The mortgage payment for a typical home today is more than double that of homes purchased before 2020. Still, first-time buyers in the market understand the long-term benefits of owning."