Overview

• Sales climbed 0.8% in May to a 4.03 million unit annual pace, though transactions remain 0.7% below May 2024 levels.
• The median existing home price rose 1.3% year-over-year to $422,800, marking the highest May level on record.
• Available listings increased 20.3% from a year earlier to 1.54 million units, equivalent to a 4.6-month supply at current sales rates.
• The average rate on a 30-year fixed mortgage has held just under 7% this year, a key factor keeping some buyers sidelined.
• First-time buyers accounted for 30% of transactions in May, down from 31% a year ago and highlighting ongoing affordability challenges.