US Existing-Home Sales Inched Higher Month-Over-Month in May

On Thursday (6-22-23), the National Association of Realtors® (NAR) reported that total existing home sales—which are completed transactions for single-family homes, townhomes, condominiums, and co-ops—recorded a 0.2% increase in May from April to a seasonally adjusted rate of 4.30 million homes. Year-over-year, sales are down 20.4% (5.40 million in May 2022).

At the end of May, total housing inventory registered was 1.08 million units, up 3.8% from April but down 6.1% from one year ago (1.15 million). At the end of the month, unsold inventory was at a 3.0-month supply at the current sales pace, up from 2.9 months in April and 2.6 months in May 2022.

The median existing home price for all housing types in May was $396,100, a decline of 3.1% from May 2022 ($408,600). Prices increased in the Northeast and Midwest but declined in the South and West regions.

In May, properties typically remained on the market for 18 days, down from 22 days in April but up from 16 days in May 2022. Seventy-four percent of homes sold in May were on the market for less than a month.