Existing Home Sales Up Nearly 10 Percent From Last Year

According to the National Association of Realtors, sales of existing homes fell 1.5 percent in May but remain 9.6 percent above last year’s pace. Existing-home sales include single-family, townhomes, condominiums, and co-ops. Lawrence Yun, NAR’s chief economist, said home sales have moved markedly higher with 11 consecutive months of gains over the same month a year earlier. Yun believes the month-over-month dip was the result of inventory shortage rather than a lack of demand. Listed inventory is 20.4 percent below last year’s level and, at the current sales pace, there is just a 6.6-month supply of homes for sale. The national median existing-home price rose 7.9 percent from a year ago to $182,600. Also, distressed sales continued to drop as a share of total sales. In May, distressed properties accounted for 25 percent of all existing-home sales. More here, here, and here.

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