Keeping you up to date on the latest data releases.
- Existing Home Sales
Existing single-family home sales slipped down 1.6 percent in May following two increases of nearly 8 percent in March and April. Sales have been volatile over the last six months, varying from a record drop of 950,000 annual units last December to gains in the mid-300,000’s. At 4.98 million annual units, the current sales pace sits 23 percent above its November 2008 trough but about 13 percent (730,000 units) shy of the recent peak in November 2009. Year-over-year sales growth slowed slightly in May but remains at a respectable 17.5 percent. The inventory of existing single-family homes for sale dropped 4.7 percent in May, outpacing the decline in sales and bringing the months of supply down from 8.1 to 7.8 months. The supply is now 1.9 months lower than in May 2009. Year-over-year growth in the median sales price held onto positive territory for a second straight month but weakened from 3.9 to 2.7 percent. Prior to April, the sales price had seen over three and a half years of negative 12-month growth.