Vladimir Zakharov
U.S. existing home sales came in at 4.11M in May, compared with the 4.08M consensus and 4.14M in April, the National Association of Realtors said on Friday.
The median existing-home sales price of $419.3K climbed from $407.6K in the previous month and +5.8% from a year before. That marks the eleventh straight month of Y/Y price gains.
Inventory of unsold existing homes rose 5.8% M/M to 1.28M at the end of May, or the equivalent of 3.7 months' supply at the current sales pace.
“Eventually, more inventory will help boost home sales and tame home price gains in the upcoming months,” said NAR Chief Economist Lawrence Yun. “Increased housing supply spells good news for consumers who want to see more properties before making purchasing decisions.”