May existing-home sales increased 1.1 percent to a seasonally adjusted annual rate of 5.62 million compared with a rate of 5.56 million in April. May’s rate is 2.7 percent higher than the rate in May 2016, according to the National Association of Realtors.
More buyers overcame the increasingly challenging market conditions in many areas across the country, said NAR Chief Economist Lawrence Yun in a statement.
“Those able to close on a home last month are probably feeling both happy and relieved,” he said. “Listings in the affordable price range are scarce, homes are coming off the market at an extremely fast pace and the prevalence of multiple offers in some markets are pushing prices higher.”
May existing-home sales in the Northeast increased 6.8 percent to 780,000. In the Midwest, sales dropped 5.9 percent to 1.28 million. The South’s sales rose 2.2 percent to 2.34 million. Sales in the West increased 3.4 percent to 1.22 million.
The median existing-home price in May was $252,800, an increase of 5.8 percent from May 2016’s median price of $238,900.
