May existing home sales data
- Prior was 4.33m
- Monthly change at -9.7% vs -5.6% expected
- Median price up 2.3% y/y
- Inventory 1.55m, up 6.2% m/m and 18.8% y/y
The level of home sales is at the lowest since 2010
"Home sales will surely rise in the upcoming months with the economy reopening, and could even surpass one-year-ago figures in the second half of the year," said Lawrence Yun, NAR's chief economist.
Single-family sales were down 24.8% y/y while condo sales were down 41.4% y/y.
"Relatively better performance of single-family homes in relation to multifamily condominium properties clearly suggest migration from the city centers to the suburbs," Yun said. "After witnessing several consecutive years of urban revival, the new trend looks to be in the suburbs as more companies allow greater flexibility to work from home."
That will be an interesting trend to watch.
