NAR: Existing-Home Sales Increase in May

WASHINGTON — Existing-home sales rose in May, according to the National Association of Realtors®. Sales elevated in the Northeast, Midwest and South, but retreated in the West. Year-over-year, sales progressed in the Northeast and Midwest but contracted in the South and West. This report equips real estate professionals with valuable information that helps them serve their clients and get to their next transaction.

"The relatively subdued sales are largely due to persistently high mortgage rates. Lower interest rates will attract more buyers and sellers to the housing market," said NAR Chief Economist Lawrence Yun. "Increasing participation in the housing market will increase the mobility of the workforce and drive economic growth. If mortgage rates decrease in the second half of this year, expect home sales across the country to increase due to strong income growth, healthy inventory, and a record-high number of jobs."

National snapshot

Total existing-home sales for May

• 0.8% increase in total existing-home sales month-over-month to a seasonally adjusted annual rate of 4.03 million.
• 0.7% decrease year-over-year, sales declined 0.7% (down from 4.06 million in May 2024).

Inventory in May

• 1.54 million units: Total housing inventory, up 6.2% from April and 20.3% from May 2024 (1.28 million).
• 4.6-month supply of unsold inventory, up from 4.4 months in April and 3.8 months in May 2024.

Median sales price in May

• $422,800: Median existing-home price for all housing types, up 1.3% from one year ago ($417,200) – a record high for the month of May, and the 23rd consecutive month of year-over-year price increases.

Single-family and condo/co-op sales

Single-family homes in May

• 1.1% increase in sales to a seasonally adjusted annual rate of 3.67 million, up 0.3% from May 2024.
• $427,800: Median home price in May, up 1.3% from May 2024.

Condominiums and co-ops in May

• 2.7% decrease in sales to a seasonally adjusted annual rate of 360,000 units, down 10.0% from May 2024.
• $371,300: Median price, up 0.7% from May 2024.

Regional snapshot for existing-home sales in May

Northeast

• 4.2% increase in sales month-over month to an annual rate of 500,000, up 4.2% year-over-year.
• $513,300: Median price, up 7.1% from May 2024.

Midwest

• 2.1% increase in sales month-over month to an annual rate of 990,000, up 1.0% year-over-year.
• $326,400: Median price, up 3.4% from May 2024.

South

• 1.7% increase in sales month-over month to an annual rate of 1.84 million, down 0.5% year-over-year.
• $367,800: Median price, down 0.7% from May 2024.

West

• 5.4% decrease in sales month-over month to an annual rate of 700,000, down 6.7% year-over-year.
• $633,500: Median price, up 0.5% from May 2024.

Realtors® Confidence Index for May

• 27 days: Median time on market for properties, down from 29 days in April, up from 24 days in May 2024.
• 30% of sales were first-time home buyers, down from 34% in April and 31% in May 2024.
• 27% of transactions were cash sales, up from 25% in April, down from 28% in May 2024.
• 17% of transactions were individual investors or second-home buyers, up from 15% in April and 16% in May 2024.
• 3% of sales were distressed sales[iv] (foreclosures and short sales), up from 2% in both April 2025 and May 2024.

Mortgage rates

• 6.81%: Average 30-year fixed-rate mortgage as of June 18 according to Freddie Mac, down from 6.84% one week before and 6.87% one year ago.

© 2025 National Association of Realtors® (NAR)