US Housing Market: Record-Low Inventory Drives Up Sales Ahead of Summer

Homebuyers purchased what few properties were listed in May, driving up sales for the month. However, record-low inventory continues to choke off a major segment of the housing market. The number of homes for sale increased in May to 1.08 million units, up 3.8% from April’s figure but down 6.1% from a year ago, the National Association of Realtors reported. The low-inventory environment has kept competition among buyers steady, with about 37.5% sold for over the asking price. Mortgage rates have hurt affordability and discouraged homeowners from listing their properties.