U.S. existing-home sales edged up 0.2% from the previous month to a seasonally adjusted annual rate of 4.02 million, according to the National Association of REALTORS® (NAR). Sales remained unchanged year-over-year. Regionally, existing-home sales rose in the Midwest and South, were flat in the Northeast, and declined in the West. Year-over-year, sales increased in the South, held steady in the West, and fell in the Northeast and Midwest.
• Single Family Closed Sales were down 7.7 percent to 4,611.
• Townhouse-Condo Closed Sales were down 11.0 percent to 1,610.
• Adult Communities Closed Sales were down 8.9 percent to 593.
• Single Family Median Sales Price increased 4.2 percent to $625,000.
• Townhouse-Condo Median Sales Price increased 1.6 percent to $439,000.
• Adult Communities Median Sales Price decreased 3.3 percent to $369,500.
National inventory climbed 5.8% month-over-month and 1.4% year-over-year, with approximately 1.47 million properties listed for sale heading into May, NAR reported. At the current sales pace, that represents a 4.4-month supply, reflecting a modest improvement in inventory conditions compared to a year earlier. Homes spent a median of 32 days on the market, down from 41 days the previous month, while the median existing-home price increased to $417,700, up 0.9% from a year ago