May existing home sales fell 3.8% M/M to 4.81 million

Existing home sales fell 3.8% m/m to an annualized 4.81 million units in May. It’s about in line with the 4.8 million units expected by consensus, though comes after April was downwardly revised to 5.0 million (previously 5.05 million). Condo/coop sales saw the largest drop, down 8.1% to 570,000, while single family sales fell 3.2% to 4.24 million. The median sales price rose to $166,500 from $161,100 in April, though is still down 4.6% over last year. The inventory of unsold homes rose to 9.3 months from 9.0 months in April, and above the 6 month historic average, to likely add downside pressure to prices. The report came in about as expected, to help reduce market fears that the housing sector recovery has reversed course.

 

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