Key Points:
- Existing-home sales fell for the fourth straight month to a seasonally adjusted annual rate of 5.41 million.
- Existing-home sales fell 3.4% in May from April and 8.6% from one year ago.
- Consensus among economists was a 0.2% drop.
- At $407,600, the median existing-home sales price exceeded $400,000 for the first time and represents a 14.8% increase from one year ago.
- This marks 123 consecutive months of year-over-year increases, the longest-running streak on record.
- First-time buyers were responsible for 27% of sales in May, down from 28% in April and down from 31% in May 2021.
- The Right Facts will continue to monitor home sales.