US Existing Home Sales Climb 3.2% to 4.17 Million as May Prices Hit $429,300 Record
Updated
Updated · The Associated Press · Jun 9
US Existing Home Sales Climb 3.2% to 4.17 Million as May Prices Hit $429,300 Record
3 articles · Updated · The Associated Press · Jun 9
Summary
4.17 million existing-home sales in May marked the fastest annual pace this year and the strongest reading since December, beating economists’ 4.07 million estimate.
Improving affordability helped drive the gain: mortgage rates stayed below year-ago levels and home price growth lagged income growth in many markets, even with rates rising through spring.
$429,300 was the median sales price, up 1.3% from a year earlier and the highest ever for any May, while first-time buyers made up 35% of purchases—the biggest share since June 2020.
1.55 million homes were on the market at May’s end, up 3.3% from April and equal to a 4.5-month supply, giving buyers more choice but still leaving inventory below pre-pandemic norms.
The market remains in a slump that began in 2022, and NAR said a sustained recovery likely depends on 30-year mortgage rates moving closer to 6% after war-driven oil prices pushed borrowing costs higher.