Last Update: 20-Jun-18 10:29 ET
Existing Home Sales
- Existing home sales decreased 0.4% month-over-month in May to a seasonally adjusted annual rate of 5.43 million (Briefing.com consensus 5.55 million) from a downwardly revised 5.45 million (from 5.46 million) in April.
- Total sales were 3.0% lower than the same period a year ago and have fallen year-over-year for three straight months.
- The median existing home price for all housing types increased 4.9% to an all-time high of $264,800, which was the 75th straight month of year-over-year gains. The median existing single-family home price was $267,500, up 5.2% from a year ago.
- Median home prices by region: Northeast (-1.8% to $275,900); Midwest (+4.2% to $209,900); South (+4.5% to $233,100); and West (+7.2% to $395,800)
- Existing home sales across regions: Northeast (+4.6%); Midwest (-2.3%); South (-0.4%); and West (-0.8%)
- Single-family home sales decreased 0.6% to a seasonally adjusted annual rate of 4.81 million and were 3.0% below the year-ago pace
- The inventory of homes for sale at the end of May increased 2.8% to 1.85 million, yet that is 6.1% lower than the same period a year ago. The inventory of existing homes for sale has fallen year-over-year for 36 consecutive months.
- Unsold inventory is at a 4.1-month supply at the current sales pace, versus 4.2 months a year ago and the 6.0-month supply typically associated with a more balanced market
- 58% of homes sold in May were on the market less than a month
- First-time buyers were 31% of sales in May, down from 33% in April and the same period a year ago
- All-cash sales were 21% of transactions in May, unchanged from April and down from 22% a year ago
- The key takeaway from the report remains the same: notable supply constraints continue to act as a drag on overall sales. The limited inventory -- and the high prices on available inventory -- is crimping affordability, particularly for first-time buyers; moreover, all prospective buyers are feeling affordability pressures from rising mortgage rates and home prices rising faster than income.
|Existing Home Sales
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