May 2024
U.S. existing-home sales fell for the second month in a row, sliding 1.9% monthover-
month and 1.9% year-over-year, according to the National Association of
REALTORS® (NAR), with sales down in all four regions of the country. Higher
borrowing costs and accelerating home prices continue to weigh on demand,
pushing some prospective buyers to the sidelines and causing market activity to
slump ahead of summer.
New Listings were up 21.8 percent to 1,716. Pending Sales increased 4.1 percent to
1,311. Inventory grew 54.0 percent to 2,545 units.
Prices moved higher as Median Sales Price was up 3.1 percent to $278,500. Days
on Market increased 5.0 percent to 42 days, the ninth consecutive month of yearover-
year gains. Months Supply of Inventory was up 53.3 percent to 2.3 months,
indicating that supply increased relative to demand.
Home prices have continued to climb nationwide, despite an uptick in inventory this
year. Nationally, the median existing-home price reached $407,600 as of last
measure, a 5.7% increase from the same period last year and a record high for the
month, according to NAR. Meanwhile, total inventory heading into May stood at 1.21
million units, a 9% increase month-over-month and a 16.3% increase year-overyear,
for a 3.5 month’s supply at the current sales pace.
Information courtesy of CMLS*
