UPDATE:Existing home sales fell at a greater pace than expected in May, down 1.5 per cent to an annual pace of 4.55 million sales, new data out of the National Association of Realtors shows.
The NAR attributed the decline to tight supply of lower-priced homes, particularly in the West.
“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,” Lawrence Yun, NAR Chief Economist, said.
Below, key numbers from the report:
- First time buyers accounted for 34 per cent of May purchases, down from 35 per cent in April
- All-cash sales declined 1 percentage point to 28 per cent in May
- Investors purchased 17 per cent of homes in May
- Single family home sales fell 1 per cent to 4.05 million units
- Existing condo and co-op sales declined 5.7 per cent to 500,000 units
- Sales fell 4.8 per cent in the Northeast
- Sales increased 1.0 per cent in the Midwest
- Sales fell 0.6 per cent in the South
- Sales fell 3.4 per cent in the West
Minutes away from the final data point of the day: Existing Home Sales.
Economists polled by Bloomberg expect sales to cool slightly from April’s pace, falling 1.1 per cent to an annual pace of 4.57 million units.
The announcement from the National Association of Realtors is expected at 10:00 a.m.