Driving the news: The median price of an existing home was $419,300 last month, the highest price ever recorded and the 11th consecutive month of year-over-year price gains, according to the National Association of Realtors.
That's up 5.8% from May 2023.
Existing-home sales slipped 2.8% from a year ago, and 0.7% from the previous month, to a seasonally adjusted annual rate of 4.11 million.
Inventory ended the month at 1.28 million units, up 6.7% from April and 18.5% from one year ago. Unsold inventory sits at a 3.7-month supply at the current sales pace, up from 3.5 months in April.
What they're saying: "I thought we would see a recovery this spring," said Lawrence Yun, chief economist at the NAR, per CNBC. "We are not seeing it."
