Existing-home sales enjoyed a 2.5 percent month-over-month bump from April to May, according to the latest data from the National Association of Realtors (NAR), released Friday. Sales had declined in each of the past two months.

The seasonally-adjusted rate of existing-home sales is still below last year’s level by 1.1 percent, however.

“The purchasing power to buy a home has been bolstered by falling mortgage rates, and buyers are responding,” NAR Chief Economist Lawrence Yun said in a statement.

The median existing-home price climbed 4.8 percent year over-year to $277,700 – the 87th straight month of year-over-year gains.

Inventory also continues to increase, with unsold inventory at a 4.3-month supply pace, up from 4.2 months in May 2018. That number is still near historic lows, despite the slight increase.

“Solid demand along with inadequate inventory of affordable homes have pushed the median home price to a new record high,” Yun said.

Email Patrick Kearns

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