Existing home sales increased 3.2% in May to a seasonally adjusted annual rate of 4.17 million, according to the National Association of Realtors. Month-over-month and year-over-year sales increased 3.2%. Month-over-month sales increased in the Northeast, Midwest and South, and were unchanged in the West. While year-over-year sales rose in the Midwest, South and West, and fell in the Northeast.
“More Americans are on the move, with home sales rising to the highest level since December. This is great news for the housing market and the economy,” said NAR Chief Economist Dr. Lawrence Yun. “Improving affordability is helping drive this momentum. Even with mortgage rates ticking up compared to earlier in the year, they remain lower than a year ago and are essentially at the long-term historical average. Income gains are also outpacing home price growth by a small margin in most parts of the country.”
Total housing inventory registered at the end of May was 1.55 million units, up 3.3% from April, and up 0.6% from one year ago (1.54 million). Unsold inventory sits at a 4.6-month supply at the current sales pace, no change from April and down slightly from 4.6 months one year ago.
The median existing home price for all housing types in May was $429,300, up 1.3% from one year ago ($423,700), the 35th consecutive month of year-over-year price increases.
Distressed sales, foreclosures and short sales, represented 1% of sales in May, down from 2% in April and down from 3% in May 2025.
Read the NAR release.
