X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Sales of previously owned U.S. homes unexpectedly fell in May for a second month as a lack of inventory and elevated asking prices weighed on demand, National Association of Realtors data showed Wednesday. Contract closings declined 0.4% m/m to 5.43m annual rate (est. 5.52m), from revised 5.45m (prev. 5.46m). Median sales price increased 4.9% y/y to a record $264,800 Inventory of available properties fell 6.1% y/y to 1.85m. The drop in sales was led by declines in purchases of single-family homes and cheaper properties, according to NAR, indicating that the market is being driven by those with higher income and financial assets. Purchases fell in three of four regions.

NAR says it remains concerned about a limited supply of available properties that has pushed up housing prices, leaving buyers with fewer options. In May, homes were on the market for an average 26 days, matching last month as the fewest days in records to 2008, the group said.

Dig Deeper

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2019 ALM Media Properties, LLC. All Rights Reserved.