Having dropped 2.5 percent in April, the pace of existing-home sales across the U.S. slipped another 0.4 percent in May to a seasonally adjusted annual rate of 5.45 million sales which is now 3.0 percent lower versus the same time last year.

At the same time, the inventory of existing homes on the market ticked up 2.8 percent to 1.85 million homes but remains 6.1 percent lower on a year-over-year basis while the median price of the homes that traded hands last month ticked up 2.9 percent to $264,800, which is 4.9 percent higher versus the same time last year and an all-time high.

And out West, the pace of existing-home sales slipped another 0.8 percent in May to an annual rate of 1.17 million sales which is 4.1 percent below its mark at the same time last year while the median sale price ticked up 3.6 percent to $395,800, which is 7.2 percent higher, year-over-year.

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