NAR: Existing-Home Sales Report Shows 0.8% Increase in May; Northeast Sales Grew More Than 4%
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.
“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.”
The average 30-year fixed-rate mortgage as of June 18 was 6.81%, according to Freddie Mac, down from 6.84% one week before and 6.87% one year ago.
National Snapshot
Total Existing-Home Sales for May
Total existing-home sales increased 0.8% month-over-month to a seasonally adjusted annual rate of 4.03 million.
Year-over-year sales fell 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
The median existing-home price for all housing types was up 1.3% to $422,800 from one year ago ($417,200). The May 2025 median was a record high for the month of May, and the 23rd consecutive month of year-over-year price increases.
Single-Family Home Sales in May
1.1% increase in sales to a seasonally adjusted annual rate of 3.67 million, up 0.3% from May 2024.
Median home price in May was $427,800 up 1.3% from May 2024.
Condominiums and Co-op Sales in May
2.7% decrease in sales to a seasonally adjusted annual rate of 360,000 units, down 10.0% from May 2024.
Median price was $371,300, 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.
Median price was $513,300, 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.
Median price, up 3.4% to $326,400, 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.
Median price was $367,00, 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.
Median price was $633,500, up 0.5% from May 2024.
Other May Data Points
- 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 (foreclosures and short sales), up from 2% in both April 2025 and May 2024.
