May Existing-Home Sales Rise 3.2%, Inventory Edges Up and Prices Climb

May existing-home sales rose 3.2% month-over-month and year-over-year to a 4.17 million seasonally adjusted annual rate, with inventory at 1.55 million (4.5 months). The median price climbed 1.3% year over year to $429,300, affordability improved, mortgage rates averaged 6.44%, and gains occurred in the Northeast, Midwest, and South (West unchanged). First-time buyers reached 35% of buyers.