Americans purchased existing homes at a faster pace in May, but a shortage of properties on the market and higher prices continue.
Jim Letizia reports.
The National Association of Realtors says sales of existing homes rose 1.1 percent in May to a seasonally adjusted annual rate of 5.62 million. Sales listings have fallen by 8.4 percent over the past year to 1.96 million. Homes are staying on the market for 27 days, the shortest period since 2011. The Ohio Association of Realtors says sales in May reached a seasonally adjusted annual rate of 154 thousand, up 1.2 percent from April. And the Columbus Realtors trade association says nearly 32 hundred homes were sold in its multi-county region last month, down eight-tenths of a percent from April. Both groups also report existing home inventories continue to remain low. The national median sale price in May was nearly 253 thousand dollars, up 5.8 percent from a year ago. The statewide average price of nearly 177 thousand dollars is an increase of 6 thousand from April. And the average regional price of nearly 228 thousand dollars in April is an increase of nearly 13 thousand from the previous month.