Existing-home sales increased 0.8% from April to May to a seasonally adjusted annual rate of 4.03 million, marking the slowest May for sales since 2009, according to the National Association of Realtors.
Year over year, national sales decreased 0.7%.
The median existing-home sales price rose 1.3% year-over-year from $417,200 to $422,800, an all-time high for May and the 23rd consecutive month of year-over-year price increases.
“The relatively subdued sales are largely due to persistently high mortgage rates. Lower interest rates will attract more buyers and sellers to the housing market,” NAR Chief Economist Lawrence Yun said in a statement. “Increasing participation in the housing market will increase the mobility of the workforce and drive economic growth. If mortgage rates decrease in the second half of this year, expect home sales across the country to increase due to strong income growth, healthy inventory, and a record-high number of jobs.”
There were 1.54 million available units in May, up 6.2% from April and up 20.3% from May 2024.
May saw a 4.6-month supply of unsold inventory, up from 4.4 months in April and 3.8 months in May 2024.
Read the full report here.
