US Existing-Home Sales Decline in May

On Friday, the National Association of Realtors® (NAR) reported that total existing-home sales—completed transactions for single-family homes, townhomes, condominiums, and co-ops—declined 0.7% in May from April to a seasonally adjusted annual rate of 4.11 million. Year-over-year, sales fell 2.8%, down from 4.23 million in May 2023.

In the four major regions, sales declined month-over-month in the South but were unchanged in the Northeast, Midwest, and West. Year-over-year, sales increased in the Midwest but declined in the Northeast, South, and Midwest.

At the end of May, total housing inventory registered was 1.28 million units, up 6.7% from April and 18.5% from one year ago (1.08 million units). At the end of May, unsold inventory was at a 3.7-month supply at the current sales pace, up from 3.5 months in April and 3.1 months in May 2023.

The median existing home price for all housing types in May was $419,300, the highest price ever recorded and an increase of 5.8% from May 2023 ($396,500). Prices increased in all regions.

According to the REALTORS® Confidence Index, properties typically remained on the market for 24 days in May, down from 26 days in April but up from 18 days in May 2023.