WASHINGTON–Sales of existing homes were up 1.1% in May over April, and up 2.7% year-over-year, according to new numbers released by the National Association of Realtors.
The May numbers were the third-highest level in a decade even as the market struggles with higher prices and a shortage of available homes.
According to the NAR, the median house price for an existing home increased to an all-time high of $252,800, a 5.8% jump from one year ago, reflecting the lack of homes on the market.
The number of homes on the market rose 2.1%, but supply was down 8.4% from a year ago. Housing inventory has dropped for 24 straight months on a year-to-year basis.