The
National Association of Realtors (NAR) announced on Tuesday that the U.S.
existing home sales declined 0.9 percent m-o-m to a seasonally adjusted rate of
5.80 million in May from an unrevised 5.85 million in April. This was the lowest reading
since June 2020.
Economists
had forecast home resales dropping to a 5.72 million-unit pace last month.
In
y-o-y terms, existing-home sales surged 23.6 percent in May.
According
to the report, three of the four major regions recorded m-o-m decreases in
existing-home sales in May but each registered double-digit advances in y-o-y terms.
The median existing-home price for all housing types in May was $350,300, up
23.6 percent y-o-y. This was a record high and marks 111 straight months of y-o-y
gains.
Single-family
home sales stood at a seasonally-adjusted annual rate of 5.08 million in May, being
down 1.0 percent m-o-m, but up 39.2 percent from one year ago. The median
existing single-family home price was $356,600 in May, up 24.4 percent from May
2020. Meanwhile, existing condominium and co-op sales were recorded at a
seasonally-adjusted annual rate of 720,000 units in May, unchanged from April
but up 100.0 percent from one year ago. The median existing condo price was
$306,000 in May, an annual advance of 21.5percent.
"Home
sales fell moderately in May and are now approaching pre-pandemic
activity," noted Lawrence Yun, NAR's chief economist. "Lack of
inventory continues to be the overwhelming factor holding back home sales, but
falling affordability is simply squeezing some first-time buyers out of the
market. The market's outlook, however, is encouraging. Supply is expected to
improve, which will give buyers more options and help tamp down record-high
asking prices for existing homes."
Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer.
We are ready to assist you in every step of your trading experience
by providing 24/5 multilingual customer support.
Risk Warning: Trading Forex and CFDs on margin carries a high level of risk and may not be suitable for all investors. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Prior to trading, you should take into consideration your level of experience and financial situation. TeleTrade strives to provide you with all the necessary information and protective measures, but, if the risks seem still unclear to you, please seek independent advice.
© 2011-2022 Teletrade-DJ International Consulting Ltd
Teletrade-DJ International Consulting Ltd is registered as a Cyprus Investment Firm (CIF) under registration number HE272810 and is licensed by the Cyprus Securities and Exchange Commission (CySEC) under license number 158/11.
The company operates in accordance with the Markets in Financial Instruments Directive (MiFID).
The content on this website is for information purposes only. All the services and information provided have been obtained from sources deemed to be reliable. Teletrade-DJ International Consulting Ltd ("TeleTrade") and/or any third-party information providers provide the services and information without warranty of any kind. By using this information and services you agree that under no circumstances shall TeleTrade have any liability to any person or entity for any loss or damage in whole or part caused by reliance on such information and services.
TeleTrade cooperates exclusively with regulated financial institutions for the safekeeping of clients' funds. Please see the entire list of banks and payment service providers entrusted with the handling of clients' funds.
Please read our full Terms of Use.
To maximise our visitors' browsing experience, TeleTrade uses cookies in our web services. By continuing to browse this site you agree to our use of cookies.
Teletrade-DJ International Consulting Ltd currently provides its services on a cross-border basis, within EEA states (except Belgium) under the MiFID passporting regime, and in selected 3rd countries. TeleTrade does not provide its services to residents or nationals of the USA.
Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.