Seeking Alpha
Analyst, REITs
Profile| Send Message|
( followers)  

Today, the National Association of Realtors (NAR) released its Existing-Home Sales Report for May showing an increase in sales, with total home sales rising a notable 4.2% since April and climbing 12.9% above the level seen in May 2012. Single-family home sales also improved, climbing a whopping 5.0% from April and rising 12.7% above the level seen in May 2012, while the median selling price increased a notable 15.8% above the level seen a year earlier.

Inventory of single-family homes increased from April to 1.98 million units, but still remained 9.2% below the level seen in May 2012. That, along with the sales pace, resulted in a monthly supply of 5.2 months. The following charts show national existing-single-family home sales, median home prices, inventory, and months of supply since 2005.

Source: Existing-Home Sales Report: May 2013