Having slipped 2.3 percent in April, the pace of existing-home sales in the U.S. ticked up 1.1 percent in May to a seasonally adjusted annual rate of 5.62 million transactions, which is 2.7 percent above the pace at the same time last year.

In addition, the median price of the homes that traded hands in May hit an all-time high of $252,800, which is 5.6 percent higher than at the same time last year ($238,900) while the inventory of existing homes on the market rose 2.1 percent to 1.96 million but remains 8.4 percent lower on a year-over-year basis.

Out West, the pace of existing-home sales ticked up 3.4 percent in May to an annual rate of 1.22 million sales, which is 3.4 percent higher versus the same time last year with a median sale price of $368,800 (up 6.9 percent over the past year).

Comments from Plugged-In Readers

  1. Posted by Sabbie

    People fleeing the Bay Area are pushing home prices up everywhere else.

    • Posted by Dave

      This is a completely predictable development which was beginning to unfold back in 2014. It will be good for the Bay Area. The disparity in housing prices will remain but be reduced. Especially with boom cities like Seattle and Dallas and semi-boom cities like LA.

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