Key Points:
- Existing-home sales fell 0.7% in May from April, to a seasonally adjusted annual rate of 4.11 million.
- Existing-home sales fell 2.8% from one year ago.
- The median existing-home sales price for May rose 5.8% from one year ago to $419,300 for the eleventh consecutive month of year-over-year price increases and the highest price ever recorded.
- First-time buyers were responsible for 31% of sales in May, down from 33% in April but up from 28% in May 2023.
- “Home prices reaching new highs are creating a wider divide between those owning properties and those who wish to be first-time buyers,” said NAR Chief Economist Lawrence Yun.
- The Right Facts will continue to monitor home sales.