WASHINGTON – Existing-home sales rose in May, according to the National Association of REALTORS.
Sales elevated in the Northeast, Midwest and South, but retreated in the West.
Year-over-year, sales progressed in the Northeast and Midwest but contracted in the South and West.
"The relatively subdued sales are largely due to persistently high mortgage rates. Lower interest rates will attract more buyers and sellers to the housing market," said NAR Chief Economist Lawrence Yun. "Increasing participation in the housing market will increase the mobility of the workforce and drive economic growth. If mortgage rates decrease in the second half of this year, expect home sales across the country to increase due to strong income growth, healthy inventory, and a record-high number of jobs."
National Snapshot
Total Existing-Home Sales for May
- 0.8% increase in total existing-home sales month-over-month to a seasonally adjusted annual rate of 4.03 million
- 0.7% decrease year-over-year, sales declined 0.7% (down from 4.06 million in May 2024)
Inventory in May
- 1.54 million units: Total housing inventory, up 6.2% from April and 20.3% from May 2024 (1.28 million)
- 4.6-month supply of unsold inventory, up from 4.4 months in April and 3.8 months in May 2024