Existing home sales grew 2.5% in May to a seasonally adjusted annual rate of 5.34 million, the National Association of Realtors (NAR) reports. Total sales are 1.1% below May 2018 rates.
The median existing home price for all housing types in May jumped 4.8% year-over-year to $277,700, marking the 87th consecutive month of year-over-year price gains. Housing inventory increased 2.7% compared with May 2018 to 1.92 million.
Regionally, existing home sales increased 4.7% in the Northeast, 3.4% in the Midwest and 1.8% in the South and West.
The full NAR report can be found here.
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