Existing Home Sales

Existing Home Sales report for May, which measures closings in that month and likely represents buyers shopping for homes in March and April, decreased by 9.7%. This was slightly worse than the 8.8% expected. Sales are down 26.6% year over year. Inventory remained tight - There were only 1.55 M units for sale in May, down 18.8% year over year, but up 6.2% from April. At the current pace of sales this represents a 4.8-month supply. This should be very supportive of prices, especially with demand remaining strong evidenced by purchase application volume. The median home price was reported at $284,600, up 2.3% year over year. Single family sales were down 9.4% month over month, but Condo’s saw a much bigger drop of 12.8%. They are down 41% year over year, showing that people are looking for standalone homes. First time home buyers made up 34% of home sales.