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.

 

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