From GlobeNewswire: 2024-06-21 10:00:00

In May, existing-home sales slipped 0.7% to a rate of 4.11 million, down 2.8% from the previous year. The median existing-home price soared to $419,300, marking an all-time high and an 11th consecutive month of year-over-year price increases. Inventory of unsold homes grew by 6.7% to 1.28 million, equal to a 3.7-month supply. NAR Chief Economist, Lawrence Yun, predicts that increasing inventory will boost sales and moderate price gains, benefiting consumers. First-time buyers were responsible for 31% of sales in May, and the median condo price rose to $371,300. Mortgage rates are currently at 6.87%.

On a regional level, sales fell in the South but remained stable in the Northeast, Midwest, and West. The Northeast had a median price of $479,200, up 9.2% from the previous year, while the Midwest had a median price of $317,100, a 6.4% increase. The South recorded a median price of $374,300, showing a 3.6% rise, and the West had a median price of $632,900, up 5.5%. Overall, the housing market continues to face challenges of low inventory and high prices, creating a gap between existing homeowners and first-time buyers.



Read more at GlobeNewswire: Existing-Home Sales Edged Lower by 0.7% in May as Median