Existing home sales in the United States declined 0.7% in May on a monthly basis to stand at a seasonally adjusted annual rate of 4.11 million, a report from the National Association of Realtors (NAR) showed on Friday. Year over year, the figure was also down 2.8%.
The median existing home sales price for all housing types jumped by 5.8% compared to the same timeframe a year ago, coming in at $419,300. Total housing inventory at the end of May was at 1.28 million units, surging by 6.7% from the month prior and skyrocketing 18.5% compared to May 2023.
"Eventually, more inventory will help boost home sales and tame home price gains in the upcoming months," NAR Chief Economist Lawrence Yun said. "Increased housing supply spells good news for consumers who want to see more properties before making purchasing decisions."
