Economic Buzz: US Existing Home Sales Decline In May

22 Jun 2022 , 08:53 AM

The National Association of Realtors released a report showing another steep drop in U.S. existing home sales in the month of May. NAR reported existing home sales plunged by 3.4 percent to an annual rate of 5.41 million in May after slumping by 2.6 percent to a revised rate of 5.60 million in April. Existing home sales fell for the fourth consecutive month. The report showed single-family home sales dove by 3.6 percent to an annual rate of 4.80 million, while existing condominium and co-op sales slid by 1.6 percent to a rate of 610,000. Meanwhile, totaling housing inventory surged by 12.6 percent to 1.16 million units at the end of May from 1.03 million units at the end of April. Housing inventory is still down by 4.1 percent compared to a year ago. The unsold inventory represents 2.6 months of supply at the current sales pace, up from 2.2 months in April and 2.5 months in May 2021. Powered by Commodity Insights