The pace of seasonally adjusted existing-home sales in the U.S. declined 1.5 percent from an upwardly revised 4.62 million in April to a 4.55 million pace in May, up 9.6 percent from the 4.15 million unit pace recorded in May 2011.
Total housing inventory at the end of May slipped 0.4 percent to 2.49 million existing homes actively on the market, a 6.6 month supply, up from a 6.5 month supply in April but versus a 9.1 month supply in May 2011.
The median sale price for existing-homes ticked up 2.9 percent in May to $182,600 as distressed sales accounted for 25 percent of sales volume, down three points from last month, down six points year-over-year.
Existing-home sales in the west declined 3.4 percent from April to May, up 3.6 percent year-over-year with a median sales price that’s up 13.4 percent year-over-year, “largely from more sales at the upper end of the market.”
∙ Existing-Home Sales Constrained by Tight Supply in May [realtor.org]