by Calculated Threat on 6/21/2024 10:00:00 AM
From the NAR: Current-Residence Gross sales Edged Decrease by 0.7% in Might as Median Gross sales Worth Reached Report Excessive of $419,300
Current-home gross sales barely declined in Might because the median gross sales value climbed to a report excessive, in keeping with the Nationwide Affiliation of REALTORS®. Within the 4 main U.S. areas, gross sales slid month-over-month within the South however have been unchanged within the Northeast, Midwest and West. Yr-over-year, gross sales rose within the Midwest however receded within the Northeast, South and West.
Complete existing-home gross sales – accomplished transactions that embrace single-family properties, townhomes, condominiums and co-ops – retreated 0.7% from April to a seasonally adjusted annual charge of 4.11 million in Might. Yr-over-year, gross sales waned 2.8% (down from 4.23 million in Might 2023).
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Complete housing stock registered on the finish of Might was 1.28 million items, up 6.7% from April and 18.5% from one yr in the past (1.08 million). Unsold stock sits at a 3.7-month provide on the present gross sales tempo, up from 3.5 months in April and three.1 months in Might 2023.
emphasis added
Click on on graph for bigger picture.
This graph reveals current dwelling gross sales, on a Seasonally Adjusted Annual Charge (SAAR) foundation since 1994.
Gross sales in Might (4.11 million SAAR) have been down 0.7% from the earlier month and have been 2.8% beneath the Might 2023 gross sales charge.
In accordance with the NAR, stock elevated to 1.28 million in Might from 1.20 million the earlier month.
The final graph reveals the year-over-year (YoY) change in reported current dwelling stock and months-of-supply. Since stock isn’t seasonally adjusted, it actually helps to take a look at the YoY change. Word: Months-of-supply relies on the seasonally adjusted gross sales and never seasonally adjusted stock.
Stock was up 18.5% year-over-year (blue) in Might in comparison with Might 2023.
Months of provide (pink) elevated to three.7 months in Might from 3.5 months the earlier month.
This was near the consensus forecast. I will have extra later.
