**MNI DATA IMPACT: US May Existing Home Sales Rise To 5.34M

By Kevin Kastner and Harrison Clarke

     WASHINGTON (MNI) - The pace of existing home sales rose by 2.5% to a 5.34

million annual rate in May, above the 5.27 million rate expected by both the

Bloomberg consensus and MNI survey of analysts. 

     The following are the other key points from the May existing home sales

data released Friday by the National Association of Realtors:

     - April home sales were revised up to a 5.21 million pace from the 5.19

million rate previously reported.

     - The second quarter average sales pace stands just above the 5.21 million

average for the first quarter after revisions are included.

     - May resales in Northeast +4.7%, Midwest +3.4%, South +1.8%, and West

+1.8%.

     - May home supply +4.9% to 1.92m, +2.7% year/year, allowing the months

supply to rise to 4.3 months from 4.2 months in April and 4.2 months a year ago.

     - NAR's Chief Economist Lawrence Yun said that inadequate inventories,

coupled with high demand, have pushed the national median home sales price to a

record high. Additionally, low mortgage rates have helped drive the May sales

gain, and should support sales going forward.

     - National median sales price +4.8% y/y to 277,700 in May.

--MNI Washington Bureau; +1 (973) 494-2611; email: harrison.clarke@marketnews.com

[TOPICS: MAUDR$,MAUDS$,M$U$$$]