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NEW YORK (AP) — Sales of previously occupied U.S. homes edged higher in May, as stubbornly high mortgage rates and rising prices made homebuying less affordable even as the inventory of properties on the market continued to increase.
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Existing home sales rose 0.8% last month from April to a seasonally adjusted annual rate of 4.03 million units, the National Association of Realtors said Monday.
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Sales fell 0.7% compared with May last year. The latest home sales fell topped the 3.95 million pace economists were expecting, according to FactSet.
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Home prices increased on an annual basis for the 23rd consecutive month, although the rate of growth continued to slow. The national median sales price rose 1.3% in May from a year earlier to $422,800, an all-time high for the month of May.
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Home shoppers who can afford to buy at current mortgage rates benefited from a wider selection of properties on the market.
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There were 1.54 million unsold homes at the end of last month, a 6.2% increase from April, and 20.3% higher than May last year, NAR said. That’s still well below the roughly 2 million homes for sale that was typical before the pandemic, however.
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May’s month-end inventory translates to a 4.6-month supply at the current sales pace, up from a 4.4-month pace at the end of April and 3.8 months in May last year. Traditionally, a 5- to 6-month supply is considered a balanced market between buyers and sellers.
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