Key Highlights:
- Existing-home sales recorded a minor gain of 0.2% in May to a seasonally adjusted annual rate of 4.30 million. Sales retreated 20.4% from one year ago.
- The inventory of unsold existing homes grew 3.8% from the previous month to 1.08 million at the end of May, or the equivalent of 3.0 months’ supply at the current monthly sales pace.
- NAR leaders say a temporary capital gains tax reduction on a sale of investment property can lead to a boost in housing inventory.
Source: National Association of Realtors