Existing-home sales slowed slightly during the month of May according to a recent report by the National Association of Realtors (NAR). Existing-home sales, which include recently purchased single family, townhomes, condominiums, and co-ops, fell by 3.8 percent to a seasonally adjusted annual rate of 4.81 million units nationally.
Lawrence Yun, NAR chief economist, believes that current economic factors are slowing growth. “Spiking gasoline prices along with widespread severe weather hurt house shopping in April, leading to soft figures for actual closings in May,” he said. “Current housing market activity indicates a very slow pace of broader economic activity, but recent reversals in oil prices are likely to mitigate the impact going forward. The pace of sales activity in the second half of the year is expected to be stronger than the first half, and will be much stronger than the second half of last year.”
Total housing inventory dropped 1 percent by the end of May to 3.72 million existing homes for sale. This represents a 9.3-month supply at today’s current sales pace.
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