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Lawler: Early Read on Existing Home Sales in May

From housing economist Tom Lawler:

Based on publicly-available local realtor/MLS reports released across the country through today, I project that existing home sales as estimated by the National Association of Realtors ran at a seasonally adjusted annual rate of 5.78 million in May, down 1.2% from April’s preliminary pace but up 44.1% from last May’s seasonally adjusted pace.

Local realtor/MLS data suggest that the median existing single-family home sales price last month was up by about 22.4% from last May.

CR Note: The National Association of Realtors (NAR) is scheduled to release May existing home sales on Tuesday, June 22, 2021 at 10:00 AM ET. The consensus is for 5.74 million SAAR.

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