Published: 2024-06-06T18:31:33.000Z
Preview: Due June 21 - U.S. May Existing Home Sales - A third straight decline
Senior Economist , North America
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We expect May existing home sales to fall by 3.4% to 4.00m. This would be a third straight fall and complete a reversal of a sharp 9.5% rise seen in February. In 2023 February also saw a sharp rise that preceded a steady trend lower in the following months.
Weakness in April pending home sales and also softer data in May’s NAHB and MBA surveys points to downside risk, which we expect to be broad based by region. Increases in mortgage rates through April are likely to weigh on activity.
We expect a seasonal gain on the month in the median price of 2.5% but this would be a little slower than in April and see yr/yr growth slip marginally to 5.4% from April’s 18-month high of 5.7%.
