Existing Home Sales Rise 3.2% to 4.17 Million Units in May

Existing home sales increased by 3.2% in May to a seasonally adjusted annualized rate of 4.17 million units, surpassing expectations of less than 1% growth. From May 2022, sales also rose 3.2%, marking the highest rate since December. The median price of existing homes reached $429,300, a 1.3% increase from the prior year. Inventory grew by 3.3% to 1.55 million units, equating to a 4.5 months' supply, indicating a tightening market balance. First-time buyers represented 35% of sales, up from 30% a year ago.