NAR’s May Existing-home Sales Report
Here’s a ook at summary of key housing indicators from the National Association of Realtors' May existing-home sales report.
- Days on market: Eighty-nine percent of homes sold were on the market for less than a month. Properties typically sold in 17 days, down from 26 a year earlier.
- Home prices: The median existing-home price of $350,300 was up 23.6% from a year earlier ($283,500). Every major region of the U.S. posted price increases last month.
- Housing inventory: At the end of May, total housing inventory reached 1.23 million units, up 7% from April’s inventory but down 20.6% from a year ago. Unsold inventory sits at a 2.5-month supply at the current sales pace.
- First-time buyers: Comprised 31% of sales, down from 34% a year ago.
- Individual investors and second-home buyers: Purchased 17% of homes, up from 14% a year earlier. These buying cohorts tend to comprise the largest share of cash sales, which accounted for 23% of overall transactions in. (Read more from a separate NAR report analyzing the uptick in the vacation-home market.)
- Distressed sales: Foreclosures and short sales represented less than 1% of sales, down from 3% a year earlier. Federal pandemic-related foreclosure moratoriums are still in place until the end of the month.
Source: National Association of Realtors, Realtor Magazine>
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