Industry NewsMarkets & Economy

Home sales, prices continue gains in May

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A shortage of for-sale inventory likely caused a slight month-to-month drop in existing-home sales in May, but both home sales and prices jumped compared to a year ago, according to the latest monthly report from the National Association of Realtors. Sales of single-family homes, townhouses, condominiums and co-ops dipped 1.5 percent in May compared to April, to a seasonally adjusted annual rate of 4.55 million. Nonetheless, existing-home sales rose 9.6 percent year over year in May -- the 11th straight month to see sales increase on an annual basis, said Lawrence Yun, NAR's chief economist, in a statement. "The slight pullback in monthly home sales is more likely due to supply constraints rather than softening demand. The normal seasonal upturn in inventory did not occur this spring," Yun said. The national median existing-home price increased 7.9 percent on an annual basis in May, to $182,600 -- the third straight month to see year-over-year price increases. &...