Home Sales Inch Up in May But Prices See Largest Annual Drop in 8 Years

• Sales of previously owned homes were essentially unchanged in May compared to April, rising 0.2%.
• Sales were still down 20.4% from a year earlier due to high prices, increased mortgage rates and low inventory.
• The national median home price fell 3.1% in May from a year earlier, the largest drop since 2011.
• Inventory of available homes hit an all-time low, with 1.08 million homes on the market, down 6.1% from May 2018.
• While lower-priced homes are seeing more demand, sales of higher-priced homes have fallen significantly.

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