U.S. existing home sales fell by 1.5% to 4.55 million units in May, close to the 4.58 million units expected by consensus. Existing home sales are still 9.6% above the 4.15 million pace seen last May. The 5.7% month-over-month drop in condo/coop sales explain most of the overall decline, though single-family home sales also fell 1.0% over April. The months’ supply of unsold homes edged up to 6.6 months from 6.5 month in April. The median home prices rose to $182,600 in May from $173,700 in April and is now up 7.9% over last May. Coming in just under market expectations, the existing home sales release may be overlooked by the disappointing Philly Fed report.
May Existing Home Sales Fell By 1.5% To 4.55 Million
U.S. existing home sales fell by 1.5% to 4.55 million units in May, close to the 4.58 million units expected by consensus. Existing home sales are still 9.6% above the 4.15 million pace seen last May. The 5.7% month-over-month drop in condo/coop sales explain most of the overall decline, though single-family home sales also fell 1.0% over April. The months’ supply of unsold homes edged up to 6.6 months from 6.5 month in April. The median home prices rose to $182,600 in May from $173,700 in April and is now up 7.9% over last May. Coming in just under market expectations, the existing home sales release may be overlooked by the disappointing Philly Fed report.
Existing Home Sales and Months Supply, Housing Data
April, Existing Home Sales