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MNI BRIEF: US Existing Home Sales Fall 3.4% To 5.41M In May

U.S. existing home sales fell to a seasonally adjusted annual rate of 5.41 million in May, sinking 3.4% from a month earlier and down 8.6% from a year earlier, the National Association of Realtors said Tuesday.

Rising mortgage rates and sustained high inflation have prevented many consumers from purchasing a home, NAR chief economist Lawrence Yun told reporters. The median existing home price surpassed $400,000 for the first time, up 14.8% from a year ago.

The inventory of unsold existing homes rose to 1.16 million by the end of May, or the equivalent of 2.6 months at the current monthly sales pace.

MNI Washington Bureau | +1 202-371-2121 | evan.ryser@marketnews.com
MNI Washington Bureau | +1 202-371-2121 | evan.ryser@marketnews.com

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