Based on local realtor/MLS reports from across the country released thru today, I estimate that existing home sales as measured by the National Association of Realtors ran at a seasonally adjusted annual rate of 5.29 million in May, up 5.0% from April’s “strangely low” (and probably too low; see yesterday’s report) pace, and up 8.0% from last May’s seasonally adjusted pace.
Realtor/MLS reports also suggest that inventories as measured by the NAR increased by a slightly smaller amount this May compared to last May, and I estimate that the NAR’s inventory measure for May will be 2.22 million, up 0.5% from April and down 1.3% from last May.
Finally, realtor/MLS reports point to a YOY gain in the median existing SF home sales price of about 8.7%.
CR Note: The NAR is scheduled to released May existing home sales on Monday, June 22nd.
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