Existing home sales unexpectedly rose in May (+0.2% MoM vs -0.7% MoM) with a small upward revision for April's tumble (from -3.4% MoM to -3.2%). That is only the second positive month for existing home sales since Jan '22...
Total sales are basically flat, refusing to follow new home sale higher for now...
Sales advanced in two of four regions, led by the West and South.
“Relatively steady rates have led to several consecutive months of consistent home sales,” Lawrence Yun, NAR’s chief economist, said in a statement.
“However, existing-home sales activity is down sizably due to the current supply being roughly half the level of 2019.”
The median selling price declined 3.1% from a year earlier, the most since 2011, to $396,100. That’s still historically elevated for the month and reflective of limited supply.
The number of homes for sale fell 6.1% from a year earlier to 1.08 million units. That’s the lowest inventory level for any May in data back to 1999.