Existing Home Sales Decline 0.4% in May (Down 3% YoY), Inventory Remains Low, Highest Median Price In History (And It Is Only May!)

According to the National Association of Realtors, existing home sales fell -0.4% in May, less than the expected +1.1%. It was an improvement over the revised -2.7% in April.

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Existing home sales are down 3% YoY. And the trend is not good.

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The inventory of existing homes continues to be lower than normal. The increase in May is seasonal.

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And we now have the highest median price for existing homes in history.

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But housing is dangerously unaffordable for many households.

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Simply unaffordable.

 

 

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