Having slipped 0.4 percent in April, the seasonally adjusted pace of existing-home sales across the U.S. ticked up 2.5 percent in May to an annual rate of 5.34 million transactions but remains 1.1 percent below its mark at the same time last year, according to the National Association of Realtors.

At the same time, the inventory of existing homes on the market rose by 4.9 percent to 1.92 million homes, which is 2.7 percent higher versus the same time last year (versus 3 percent lower in San Francisco).

And out West, the pace of existing-home sales increased by 1.8 percent last month to an annual rate of 1.13 million sales but remains 3.4 percent lower on a year-over-year basis with a median sale price of $409,100, which is 4.1 percent higher on a year-over-year basis versus 4.8 percent higher nationwide.

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