WASHINGTON — Existing home sales rose 4.9% to a seasonally adjusted 4.89 million-unit rate in May from a revised 4.66 million pace the previous month, the National Association of Realtors announced Monday.
The April figure was originally reported as a 4.65 million unit rate. The May rate represents a 5.0% decrease from May 2013 but was stronger than the median 4.73 million unit pace predicted by economists polled by Thompson Reuters.
NAR Chief Economist Lawrence Yun noted that May was the second month in a row where the sales rate rose. He said May's gain was solid.
Sales rose in May from the previous month in all four regions: 3.3% in the Northeast, 8.7% in the Midwest, 5.7% in the South and 0.9% in the West. However, sales in May were lower in all four regions than they were one year ago, Yun said.
The median sales price was $213,400 in May, a 5.1% increase from a year ago.
Housing inventory levels rose 2.2% from the previous month to 2.28 million existing homes, representing a 5.6-month supply at the current pace. Inventory was up 6.0% from the May 2013 level.
