Sales of existing homes fell in May, but that decline may have been due to a lack of available homes rather than a lack of demand. According to the National Association of Realtors® (NAR), total existing home sales including single family homes, townhomes, condominiums, and cooperative apartments, declined 1.5 percent to a seasonally adjusted annual rate of 4.55 million in May from 4.62 million in April.
Sales were up 9.6 percent from the 4.15 million sales pace in May 2011. The national median existing-home price for all housing types rose 7.9 percent to $182,600 in May from a year ago, the third consecutive month of year over year price gains.
The total inventory of homes for sale at the end of May was down 0.4 percent to 2.49 million existing homes, a 6.6 month supply at the current sales pace. One year ago there was a 9.1 month supply and at a cyclical peak in July 2010 the inventory stood at a 12.1 month supply.