US existing home sales data for May 2021:
- Prior was 5.85m
- Sales m/m -0.9% vs -2.7% prior
- Median price $350,300 vs $341,600 prior (+23.6% y/y)
- Inventory 1.23m (2.5 months) vs 1.16m, or 2.4 months prior
“Home sales fell moderately in May and are now approaching pre-pandemic activity,” said Lawrence Yun, NAR’s chief economist. “Lack of inventory continues to be the overwhelming factor holding back home sales, but falling affordability is simply squeezing some first-time buyers out of the market.
“The market’s outlook, however, is encouraging,” Yun continued. “Supply is expected to improve, which will give buyers more options and help tamp down record-high asking prices for existing homes.”
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