Last Update: 21-Jun-19 10:40 ET
Existing Home Sales
- Existing home sales increased 2.5% month-over-month in May to a seasonally-adjusted annual rate of 5.34 million (Briefing.com consensus 5.30 million) from an upwardly revised 5.21 million (from 5.19 million) in April.
- Total sales were 1.1% lower than the same period a year ago.
- The median existing home price for all housing types increased 4.8% year-over-year to a record $277,700, representing the 87th consecutive month of year-over-year gains. The median existing single-family home price was $280,200, up 4.6% year-over-year.
- Existing home sales across regions: Northeast (+4.7%); Midwest (+3.4); South (+1.8%); and West (+1.8%).
- Median home prices by region: Northeast (+6.6% to $304,100); Midwest (+5.6% to $220,500); South (+3.6% to $241,400); and West (+4.1% to $409,100).
- Single-family home sales increased 2.6% month-over-month to a seasonally adjusted annual rate of 4.75 million, but were down 0.8% year-over-year.
- The inventory of homes for sale at the end of May increased to 1.92 million from 1.83 million in April. The inventory was up 2.7% from a year ago. Unsold inventory stood at 4.3-month supply at the current sales pace versus 4.2 months in April. This is below the 6.0-months' supply typically associated with a more balanced market.
- 53% of homes sold in May were on the market for less than a month.
- First-time buyers accounted for 32% of sales in May, unchanged from April but up from 31% a year ago.
- All-cash sales made up 19% of transactions in May, down from 20% in April and 21% one year ago.
- The key takeaway from the report is that the drop in mortgage rates spurred increased sales activity. At the same time, though, the lower rates drove increased demand that helped push the median home price to a record high in an inventory-constrained market.
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