Existing Homes Sales Decline Month-Over-Month and Year-Over-Year in May 2022

The National Association of Realtors® (NAR) reported on Tuesday (6-21-22) that total existing home sales—completed transactions for single-family homes, townhomes, condominiums, and co-ops—declined in three out of the four reporting regions in May, falling by -3.4% from April to a seasonally adjusted rate of 5.41 million homes. This marks the fourth consecutive month of declining sales. Year-over-year, sales are down -8.6% (5.92 million in May 2021).

Total housing inventory registered at the end of May was 1.160 million units, an increase of 12.6% from April but down -4.1% year-over-year (1.21 million units in May 2021). At the end of May, unsold inventory was at a 2.6-month supply at the current sales pace, up from 2.2 months in April 2022 and up year-over-year from the May 2021 rate of 2.5 months.

The median existing-home price surpassed the $400,000 level for the first time in May, reaching a record $407,600—up 14.8% from May 2021 ($355,000), as prices increased in all four regions. This marks 123 consecutive months of year-over-year increases, the longest-running streak on record.