In May, total existing homes sales rose 12.9 percent from May 2012 to 5.18 million units, according to the National Association of Realtors. This is a 4.2 percent increase from April. The median home price for all housing types was $208,000, up 15.4 percent from the year before, marking the sixth straight month of double-digit price increases, the 15th consecutive month of year-over-year increases and the strongest gain since October 2005.
In May, total existing homes sales rose 12.9 percent from May 2012 to 5.18 million units, according to the National Association of Realtors. This is a 4.2 percent increase from April. The median home price for all housing types was $208,000, up 15.4 percent from the year before, marking the sixth straight month of double-digit price increases, the 15th consecutive month of year-over-year increases and the strongest gain since October 2005.
Total housing inventory rose 3.3 percent at the end of May to 2.22 million existing homes on the market. This represents a 5.1-month supply, which is 10.1 percent below the May 2012 level.
"The housing numbers are overwhelmingly positive. However, the number of available homes is unlikely to grow, despite a nice gain in May, unless new home construction ramps up quickly by an additional 50 percent," said NAR chief economist Lawrence Yun in a statement. "The home price growth is too fast, and only additional supply from new homebuilding can moderate future price growth."
The NAR's full housing report is available here.
