Total existing-home sales,
which are completed transactions that include single-family homes, townhomes,
condominiums and co-ops, declined 1.5 percent to a seasonally adjusted annual
rate of 4.55 million in May from 4.62 million in April, but are 9.6 percent
above the 4.15 million-unit pace in May 2011.
Lawrence Yun,
NAR chief economist, said inventory shortages in certain areas have been
building all year. "The slight pullback in monthly home sales is more
likely due to supply constraints rather than softening demand. The normal
seasonal upturn in inventory did not occur this spring," he said.
"Even with the monthly decline, home sales have moved markedly higher with
11 consecutive months of gains over the same month a year earlier."
There are broad-based
shortages of inventory in the lower price ranges in much of the country except
the Northeast, and in the West supply is extremely tight in all price ranges
except for the upper end. "Realtors® in Western states have been calling
for an expedited process to get additional foreclosed properties onto the
market because they have more buyers than available property," Yun added.
Widespread inventory shortages also are found in much of Florida.
Total housing inventory
at the end of May slipped 0.4 percent to 2.49 million existing homes available
for sale, which represents a 6.6-month supply at
the current sales pace; there was a 6.5-month supply in April. Listed inventory
is 20.4 percent below a year ago when there was a 9.1-month supply. Unsold
inventory has trended down from a record 4.04 million in July 2007; supplies
reached a cyclical peak of 12.1 months in July 2010.
"The recovery is
occurring despite excessively tight credit conditions and higher downpayment
requirements, which are negating the impact of record high affordability
conditions," Yun said.
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