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Existing Home Sales Rise

Sales of existing homes inched up in May, according to the National Association of Realtors.

What’s going on: Existing home sales increased to 4.30 million units from 4.29 million units in April.

  • Sales strengthened in the South and West but weakened in the Midwest and Northeast.
  • The median sales price for existing homes was $396,100 in May, a decrease of 3.1% from a year ago.

By housing type: Single-family house sales edged down 0.3%, to 3.85 million units from April’s 3.86 million units.

  • Meanwhile, sales of condominiums and co-ops increased 4.7%, to 450,000 units from 430,000 in April.

Unsold homes: The unsold inventory of existing homes on the market rose to 3.0 months from 2.9 in April but stayed near historic lows.

Overall: Home sales have declined 20.4% on a year-over-year basis, from 5.40 million units last May.

The NAM’s take: “The existing home market remained challenged by affordability and lack of inventory, although sales remained higher than the 4.00 million units in January,” said NAM Chief Economist Chad Moutray.

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