Preview: Due June 23 - U.S. May Existing Home Sales - Remaining subdued
We expect May existing home sales to maintain a subdued picture with a decline of 1.3% to 3.95m. This would be the lowest pace since September 2024. Yr/yr data at -2.7% from -2.0% in April would also be the weakest since September 2024.
Signals are mixed with new home sales having picked up in April, but pending home sales, designed to predict existing home sales, were weaker. Mortgage rates saw some upward pressure in May and the NAHB Homebuilders’ survey slipped, though the MBA’s house purchase index was reliably stable.
We expect sales to fall in three out of four regions, the exception a flat Northeast after four straight declines. We expect the median price to see a seasonal increase of 2.3%, but this would see yr/yr growth slipping to 1.5%, the weakest since June 2023, from 1.8% in April.
