EXISTING HOME SALES DROP IN MAY
But national median price reaches an all-time high.
Existing-home sales in May dropped 0.4% to a seasonally adjusted annual rate of 5.43 million from adownwardly revised 5.45 million in April, 3% behind the pace of a year earlier and the third straight month of declines.
Only the Northeast eked out a gain, up 4.6% to an annual rate of 680,000 but 11.7% below a year ago. The median price in the Northeast was $275,900, which is down 1.8% from May 2017. In the Midwest, sales declined 2.3% to an annual rate of 1.26 million in May and are now 2.3% below a year ago. The median price in the Midwest was $209,900, up 4.2% from a year ago. Sales in the South inched backward 0.4% to an annual rate of 2.32 million in May, unchanged from a year ago. The median price in the South was $233,100, up 4.5% from a year ago. The West decreased 0.8% to an annual rate of 1.17 million in May, and are 4.1% below a year ago. The median price in the West was $395,800, up 7.2% from May 2017.
The median existing-home price for all housing types in May was $264,800, an all-time high and up 4.9% from May 2017 ($252,500). May’s price increase marks the 75th straight month of year-over-year gains.