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Existing home sales fell to their lowest level in nearly one year yet reached the highest median home prices on record. Data from the National Association of Realtors shows that existing home sales hit an 11-month low in May but reached a median sales price of $350,300, a 23.6% increase from one year ago. Existing home inventory sits at a 2.5-month supply, up slightly from April, but the share of first-time homebuyers is 3% lower than one year ago. Still, homes stay on the market for only an average of 17 days, a record low.
Homes stayed on the market for an average of just 17 days in May, an all-time low, unchanged from April and down from 26 days a year ago. In May, 89% of homes sold were on the market for less than a month.
The May all-cash sales share was 23% of transactions, down from 25% last month and 17% a year ago.
Tight supply continues to push up home prices. The May median sales price of all existing homes was $350,300, up 23.6% from a year ago, representing the 111st consecutive month of year-over-year increases. The median existing condominium/co-op price of $306,000 in May was up 21.5% from a year ago.
Geographically, three of four regions saw a decline in existing home sales in May, ranging from 0.4% in the South to 4.1% in the West. Sales in the Midwest rose 1.6% in May. On a year-over-year basis, however, sales continued to grow by double-digits in all four regions, ranging from 27.2% in the Midwest to 61.6% in the West.
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