Steel Markets
Existing Home Sales Rebound in May
Written by Sandy Williams
June 21, 2019
Existing home sales rebounded in May, according to the National Association of Realtors. Sales increased for the first time in two months, jumping 2.5 percent from April to a seasonally adjusted annual rate of 5.34 million. Sales compared to May 2018 slipped 1.1 percent.
NAR Chief Economist Lawrence Yun said consumers are eager to take advantage of favorable buying conditions. “The purchasing power to buy a home has been bolstered by falling mortgage rates, and buyers are responding.”
The median existing home price rose 4.8 percent year-over-year to $277,700, marking the 87th month of annual gains.
Inventory in May increased 4.9 percent to 1.92 million from 1.83 million in April and rose 2.7 percent from a year ago. Inventory is at a 4.3-month supply at the current sales rate, up from 4.2 months both in the previous month and in May 2018.
Though inventory expanded in May, the months’ supply numbers remain near historic lows, directly affecting price, said Yun. “Solid demand along with inadequate inventory of affordable homes have pushed the median home price to a new record high,” he said.
Single-family home sales rose 2.6 percent from April to a SAAR of 4.75 million in May and declined 0.8 percent from a year ago. The median price jumped 4.6 percent year-over-year to $280,200.
Existing condominium and co-op sales were at a seasonally adjusted annual rate of 590,000 units last month, up 1.7 percent from April and down 3.3 percent from a year ago. The median existing condo price jumped 5.4 percent from May 2018 to $257,100.
Regionally, sales grew 4.7 percent in the Northeast, 3.4 percent in the Midwest, and 1.8 percent in the South and West. Median home prices increased across all four regions.
Sandy Williams
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