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Existing home sales inched up 0.8% in May to a seasonally adjusted annual rate of 4.03 million units, defying predictions of a 1% decline. While sales were stronger in the Northeast and Midwest, they fell in the West. High mortgage rates remain a significant factor, but increased housing supply contributed to the small gain. The median home price hit a record high of $422,800, and 28% of homes sold above list price. NAR chief economist Lawrence Yun attributes the subdued sales to high mortgage rates, suggesting lower rates could boost sales in the latter half of the year.

Prepared by Christopher Adams and reviewed by editorial team.