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.
Existing home sales are down 3% YoY. And the trend is not good.
The inventory of existing homes continues to be lower than normal. The increase in May is seasonal.
And we now have the highest median price for existing homes in history.
But housing is dangerously unaffordable for many households.