US resale home sales exceed expectations

US second-hand home sales increased by 0.2 percent on a monthly basis in May, exceeding expectations. The National Association of Realtors (NAR) announced the second-hand home sales data for May. Accordingly, second-hand home sales in the country increased by 0.2 percent on a monthly basis in May, adjusted for seasonally adjusted terms, reaching 4.3 million. Second-hand home sales were expected to be 4.25 million during this period. Second-hand home sales decreased by 3.2 percent in April, reaching 4.29 million. Second-hand home sales in the country decreased by 20.4 percent in May compared to the same month last year. Median home prices in the US second-hand market also decreased by 3.1 percent on an annual basis in May, falling to $396,100. NAR Chief Economist Lawrence Yun, whose views were included in the statement, noted that mortgage rates greatly affect the direction of home sales, noting that relatively stable rates have led to several consecutive months of consistent home sales. Yun, who pointed out that current inventory also strongly affects home sales, noted that second-hand home sales activity has decreased significantly, as supply is roughly half that of 2019.