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Existing home sales increased 0.8% in May but declined 0.7% from May 2024. Housing inventory grew to 1.54 million units, reflecting a 6.2% rise from April and a 20.3% jump from last year. The median existing home price was $422,800, up 1.3% from last year. The Northeast and Midwest registered increases, while the South and West posted declines.

Single-family home sales rose 1.1% in May and 0.3% over the year, with the median price increasing 1.3% from May 2024 to $427,800. Condo and co-op sales slipped 2.7% to 360,000 units in May and fell 10.0% from last year. Meanwhile, the median price rose 0.7% from the prior year to $371,300.

Homes were typically on the market for 27 days in May, down from 29 days in April but up from 24 days in May 2024. First-time buyers made up 30% of sales in May, down from 34% in April and 31% at the same time last year.