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U.S. existing-home sales were down for the fourth consecutive month in May, the National Association of Realtors said Tuesday, and despite inventory jumping 7.0% from April, home prices in every region registered increases to a new record median high of USD350,300, up 23.6% from a year-ago.
Sales of existing homes fell 0.9% in May to a seasonally adjusted annualized rate of 5.8 million units and there appears to have been a "turn in the market," NAR chief economist Lawrence Yun told reporters, arguing that declines in lumber prices should continue to help inventory levels going forward.
There were just 1.23 million homes for sale at the end of May, a 20.6% drop from a year ago, and at the current sales pace that represents a 2.5-month supply. MNI has previously reported that the Fed could ease back on MBS-linked QE as house prices continue to soar and continued rising prices could add to those calls from some quarters.