Boosted by lower mortgage rates, existing home sales, released by the National Association of Realtors (NAR), rebounded in May. This is the first gain in two months.
Total existing home sales, including single-family homes, townhomes, condominiums and co-ops, climbed 2.5% to a seasonally adjusted annual rate of 5.34 million in May. On a year-over-year basis, sales were 1.1% lower than a year ago. Sales have declined on an annualized basis for more than a year.
The first-time buyer share remained unchanged at 32% in May from last month and was up from 31% a year ago. The May inventory increased to 1.92 million units from 1.83 million units in April, and rose from 1.87 million units compared to a year ago. At the current sales rate, the May unsold inventory represents a 4.3-month supply, up from a 4.2-month supply both last month and a year ago.
FULL STORY: http://eyeonhousing.org/2019/06/existing-home-sales-bounced-back-in-may/