Sales of previously owned homes declined for the third straight month in May as prices hit an all-time high. Year-over-year sales were down 2.8%.
"I thought we'd see a recovery this spring," Lawrence Yun , chief economist at the NAR , said during a press call Friday. "We have not seen it."based on several metrics, saw home sales increase. Home sales were flat in three out of four US regions; only the South saw a monthly decline.The inventory of homes for sale increased almost 7% to 1.28 million units in May from the previous month, according to the NAR . The current level is considered a 3.
The median home price increased by almost 6% annually in May to a record high of $419,300, according to the NAR. Home prices have recorded year-over-year gains for 11 consecutive months. May's increase also marked the strongest price appreciation since October 2022.Properties typically stay on the market for 24 days in May, two days fewer than in April but much higher than last May's 18 days.
"It's not that people are not interested in buying a $200,000 home," Yun said. "People are very interested inventory is simply not there." According to the National Association of Realtors , existing home sales dropped 1.9% in April 2024, while the median home price went up 5.7% annually to $407,600. With housing prices increasing... -- Nadeem Meghji was on honeymoon in late 2022 when the biggest storm to have rocked Blackstone Inc.’s property business hit its peak.Most Read from BloombergAt Blackstone’s $339 Billion Property Arm, the Honeymoon Is OverCar Dealers Reel From Cyberattack on $1.
Lawrence Yun National Association Of Realtors NAR Homes For Sale Sales Increase Home Sales
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