Existing-home sales in May were down 3.4% from April, the fourth straight month of declines, and 8.6% from one year ago, according to new data from the National Association of Realtors. May sales fell to a seasonally adjusted annual rate of 5.41 million. Month-over-month sales declined in three out of four major U.S. regions—the Northeast saw a 1.5% increase—while year-over-year sales slipped in all four regions, NAR data showed. 

The median existing-home price for all housing types in May was $407,600, up 14.8% from May 2021 ($355,000), with prices up in all four regions. It is the 123rd consecutive month of year-over-year increases, the longest-running streak on record, NAR said, as well as the first time the median existing-home sales price exceeded $400,000. 

Homes were on the market for about 16 days in May, down from 17 days in April and 17 days in May 2021. 88% of homes sold in May were on the market for less than a month.

The inventory of unsold existing homes was up to 1.16 million by the end of May. 

27% of sales in May were first time buyers, down from 28% in April and down from 31% in May 2021. All-cash sales accounted for 25% of transactions in May, down from 26% in April and up from 23% recorded in May 2021. Individual investors or second-home buyers, who make up many cash sales, purchased 16% of homes in May, down from 17% in April and 17% in May 2021, according to NAR. 

NEXT Mortgage News logo

Stay in the know

Get the daily intel that impacts your customers, employees and market. 

Up NEXT eNewsletter — Industry news

Thank you!

Share This