Existing Home Sales Drop 3.4% in May As Median Sales Price Surpasses $400K

Existing home sales fell for the fourth consecutive month in May, declining 3.4% from April to an adjusted annual rate of 5.41 million, the National Association of Realtors reported. The sales rate was down 8.6% compared with May 2021.

The median sales price for existing homes in May was $407,600, exceeding $400,000 for the first time and surging 14.8% compared with May 2021, according to NAR.

“Home sales have essentially returned to the levels seen in 2019—prior to the pandemic—after two years of gangbuster performance,” NAR Chief Economist Lawrence Yun said in a statement.

Total housing inventory at the end of May was 1.16 million, up 12.6% from April and down 4.1% compared with May 2021.

Regionally, compared with April, existing home sales increased 1.5% in the Northeast and declined 5.3% in the Midwest, 2.8% in the South and 5.3% in the West.

The full NAR report can be found here.