Existing home sales increased 2.0% in May to a seasonally adjusted 4.99 million unit rate, the National Association of Realtors announced yesterday.
The sales increase to 4.99 million compared to the 5.00 million unit pace predicted by IFR Markets’ poll of economists and followed an unrevised 1.0% drop to a 4.89 million unit level in April.
On a year-over-year basis, though, sales overall were down 15.9% from a 5.93 million unit sales pace.
Inventory levels slipped to 1.4% at the end of May, to 4.485 million existing homes for sale, representing a 10.8-month supply at the current sales pace, down from 4.549 million or 11.2 months last month.
Meanwhile, the median existing home price was $208,600 in May, up 3.7% from April, when the median price was $201,200, and slid 6.3% year-over-year from a $222,700 level.
The average existing home price was $253,100 in May, up 2.4% from April, when the average price was $247,200, and dipped 6.5% year-over-year from a $268,600 level.