Home prices hit record high in May as sales stall
How much did the median price of an existing home increase year over year?
The median price of an existing home increased by 5.8% year over year, reaching a record-high of $419,300 in May. This gain was the strongest since October 2022, with prices rising in all regions.
How did home sales in the South differ from other regions in May?
In May, home sales in the South declined by 1.6% month-to-month, while sales in other regions remained relatively stable. The median price of an existing home sold in the South reached a record-high of $419,300, contributing to the overall sluggish sales pace. Inventory in the South also saw an increase, up 6.7% month-to-month and 18.5% higher than in May last year.
What is the current annualized rate of existing home sales?
The current annualized rate of existing home sales is 4.11 million units, as of May 2024. This figure is based on closed sales, which likely reflects contracts signed in March and April. The sales pace remained relatively flat compared to the previous month and marked a 2.8% decrease from May of last year.