Existing-home Sales Hit Yearly High Amid Rising Rates and Prices
WHO:
Fast Company - PulteGroup’s VP of investor relations, Jim Zeumer, stated that the company has "work to do in Oregon and Washington" to make affordability adjustments in their communities.
National Association of REALTORS® - NAR Chief Economist Dr. Lawrence Yun stated, “More Americans are on the move, with home sales rising to the highest level since December. This is great news for the housing market and the economy.”
ABC News - National Association of Realtors (NAR)
Bloomberg Markets - Mike McKee
WHAT:
ABC News - Home sales increased from a year earlier in the Midwest, South, and West, but fell in the Northeast.
ABC News - Existing-home sales were essentially flat last year, stuck at a 30-year low.
ABC News - The average rate on a 30-year mortgage ranged from 6% to 6.46% during the period when homes were likely under contract.
National Association of REALTORS® - The median sales price for single-family homes in May was $434,300, up 1.3% from last year.
National Association of REALTORS® - The median price for condominiums and co-ops in May was $378,200, up 1.7% from May 2025.
National Association of REALTORS® - The Northeast saw a 2.2% increase in sales month-over-month to an annual rate of 460,000, but down 8.0% year-over-year.
National Association of REALTORS® - The Midwest experienced a 6.4% increase in sales month-over-month to an annual rate of 1.0 million, up 2.0% year-over-year.
National Association of REALTORS® - The South had a 3.2% increase in sales month-over-month to an annual rate of 1.96 million, up 5.9% year-over-year.
National Association of REALTORS® - The West saw no change in sales month-over-month with an annual rate of 750,000, up 5.6% from last year.
Fast Company - At the end of May 2026, 16 states were above pre-pandemic 2019 active inventory levels, including Alabama, Arizona, and Florida.
Fast Company - Nationally aggregated inventory has slowed to a year-over-year increase of just 2.2% between May 31, 2025, and May 31, 2026.
Fast Company - The year-over-year national inventory growth rate was 31.5% one year ago.
National Association of REALTORS® - The Housing Affordability Index registered at 105.6, up from 97.5 a year ago.
National Association of REALTORS® - The median time on market for properties was 29 days, down from 32 days last month and up from 27 days in May 2025.
National Association of REALTORS® - 25% of transactions were cash sales, unchanged from last month but down from 27% in May 2025.
National Association of REALTORS® - 14% of transactions were individual investors or second-home buyers, down from 16% last month and down from 17% one year ago.
National Association of REALTORS® - Only 1% of all home sales involved a foreclosure or an underwater situation, down from 2% last month and down from 3% one year ago.
Bloomberg Markets - Existing-home sales in the U.S. accelerated to an annualized rate of 4.17 million, marking the fastest pace of the year.
Bloomberg Markets - Home prices have risen on an annual basis for 35 months in a row.
Fast Company - Nationally aggregated inventory has slowed to a year-over-year increase of just 2.2% between May 31, 2025, and May 31, 2026.
Fast Company - At the end of May 2026, 16 states were above pre-pandemic 2019 active inventory levels, including Alabama, Arizona, and Florida.
ABC News - Existing home sales rose 3.2% in May from the previous month to a seasonally adjusted annual rate of 4.17 million units.
ABC News - Sales also rose 3.2% compared with May last year.
ABC News - The U.S. median sales price increased 1.3% in May from a year earlier to $429,300, an all-time high for any May since 1999.
ABC News - There were 1.55 million unsold homes at the end of May, up 3.3% from April and up 0.6% from May last year.
ABC News - May’s month-end inventory translates to a 4.5-month supply at the current sales pace.
WHERE:
ABC News - United States
WHEN:
Fast Company - Economists forecast the average 30-year fixed mortgage rate to remain above 6.0% through at least 2027.
ABC News - The sales figure topped the expected pace of roughly 4.07 million units according to FactSet.
ABC News - Homes purchased last month likely went under contract in March and April.
WHY:
Fast Company - Economists suggest that unless there is a significant shift in the economy, mortgage rates are not expected to decline sharply in the short term.
ABC News - A chronic shortage of homes for sale nationally, due partly to years of below-average new home construction, has helped prop up home prices.
ABC News - The average rate on a 30-year mortgage ranged from 6% to 6.46% during the period when homes were likely under contract.
HOW:
National Association of REALTORS® - The average 30-year fixed-rate mortgage in May was 6.44%, up from 6.33% in April and down from 6.82% one year ago.
Fast Company - Fannie Mae projects the average 30-year fixed mortgage rate to end 2027 around 6.2%.
National Association of REALTORS® - The average 30-year fixed-rate mortgage in May was 6.44%, up from 6.33% in April and down from 6.82% one year ago.
Fast Company - PulteGroup’s VP of investor relations, Jim Zeumer, stated that the company has "work to do in Oregon and Washington" to make affordability adjustments in their communities.
ABC News - First-time buyers accounted for 35% of home purchases last month, the highest share since June 2020.
(UPDATED June 10, 2026 12:05 UTC)
Home sales have shown a mixed picture across the U.S., with increases in the Midwest, South, and West, while the Northeast experienced a decline. The median sales price for single-family homes rose to $434,300 in May, reflecting a 1.3% increase from the previous year, and the average rate on a 30-year mortgage was 6.44%, slightly up from April. Meanwhile, existing-home sales remained flat at a 30-year low, highlighting ongoing challenges in the housing market.
--
(UPDATED June 10, 2026 08:17 UTC)
PulteGroup’s VP of investor relations, Jim Zeumer, has indicated that the company needs to make affordability adjustments in Oregon and Washington. As of the end of May 2026, 16 states, including Alabama, Arizona, and Florida, have active inventory levels above those seen before the pandemic, while national inventory growth has slowed to just a 2.2% increase year-over-year. Economists are predicting that the average 30-year fixed mortgage rate will remain above 6.0% through at least 2027, with Fannie Mae projecting it to end that year around 6.2%.
--
(UPDATED June 9, 2026 23:22 UTC)
The National Association of REALTORS® reports that home sales have surged to their highest level since December, signaling positive trends for both the housing market and the economy, according to Chief Economist Dr. Lawrence Yun. The Housing Affordability Index has improved to 105.6, and the median time on the market for properties has decreased to 29 days, while cash sales remain steady at 25%. Additionally, the average 30-year fixed-rate mortgage rose slightly to 6.44% in May, yet it remains lower than the 6.82% recorded a year ago.
--
(UPDATED June 9, 2026 17:43 UTC)
Existing-home sales in the U.S. have surged to an annualized rate of 4.17 million, marking the fastest pace of the year. Home prices have now risen for 35 consecutive months, while national inventory has seen only a modest year-over-year increase of 2.2% between May 31, 2025, and May 31, 2026. PulteGroup’s VP of investor relations, Jim Zeumer, noted that the company has "work to do in Oregon and Washington" to enhance affordability in those communities.
--
(UPDATED June 9, 2026 15:57 UTC)
In a recent report from the National Association of Realtors, existing home sales in the United States rose by 3.2% in May, reaching a seasonally adjusted annual rate of 4.17 million units, which exceeded expectations. The median sales price also saw an increase of 1.3% from a year earlier, hitting an all-time high for May at $429,300, while the inventory of unsold homes rose to 1.55 million, translating to a 4.5-month supply at the current sales pace. Notably, first-time buyers made up 35% of home purchases last month, marking the highest share since June 2020, amidst a persistent shortage of homes for sale and rising mortgage rates.