According to the National Association of Realtors, sales of existing homes fell 1.5 percent in May but remain 9.6 percent above last year’s pace. Existing-home sales include single-family, townhomes, condominiums, and co-ops. Lawrence Yun, NAR’s chief economist, said home sales have moved markedly higher with 11 consecutive months of gains over the same month a year earlier. Yun believes the month-over-month dip was the result of inventory shortage rather than a lack of demand. Listed inventory is 20.4 percent below last year’s level and, at the current sales pace, there is just a 6.6-month supply of homes for sale. The national median existing-home price rose 7.9 percent from a year ago to $182,600. Also, distressed sales continued to drop as a share of total sales. In May, distressed properties accounted for 25 percent of all existing-home sales. More here, here, and here.

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