Overview
- The National Association of Realtors reported on Tuesday that existing‑home closings rose 3.2% month‑to‑month in May to a seasonally adjusted annual rate of 4.17 million units, the fastest pace this year.
- The median sale price was $429,300 in May, up 1.3% from a year earlier and marking the 35th consecutive month of annual price gains.
- Inventory improved modestly to about 1.55 million homes, equal to roughly 4.5 months of supply, which is nearer to a balanced market but still below the long‑run norm of about six months.
- First‑time buyers made up 35% of sales in May, the highest share since June 2020, even as mortgage rates that briefly eased in April climbed back into the mid‑6% range in May.
- The gain was uneven across the country with strength in the Midwest, South and West and weakness in the Northeast, and economists warn the recovery could reverse if mortgage rates rise again or geopolitical and inflation shocks persist.