Sales of previously occupied U.S. homes edged higher in May and the national median sale price posted its biggest annual drop in more than a decade, even as the supply of available properties sank to an all-time low.
Existing home sales rose 0.2% last month from April to a seasonally adjusted annual rate of 4.3 million, the National Association of Realtors said Thursday. That’s slightly above what economists were expecting, according to FactSet.
The national median home price fell 3.1% from May last year to $396,100, the NAR said. The year-over-year decline is the biggest since December 2011, when the housing market was still on the mend following the mid-2000s housing bust. The shortage of homes for sale has kept the market competitive, driving bidding wars in many places, especially for the most affordable homes.
Global demand for U.S. Treasurys, which lenders use as a guide to pricing loans, investors’ expectations for future inflation and what the Fed does with interest rates influence rates on home loans.
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