May existing home sales reached 4.17 million, marking a 3.2% annual increase despite elevated mortgage rates and economic uncertainty.
Existing home sales in the US climbed 3.2% year-over-year in May to a seasonally adjusted annual rate of 4.17 million, matching the month-over-month gain. The figures represent one of the strongest performances in three years, though the market remains constrained by high mortgage rates and prices.
Sales rose across most regions except the Northeast, where supply shortages persist. Economists had anticipated a rebound this year, citing improved inventory, slightly lower mortgage rates, and wage growth. However, mortgage rates remain near 6.5%, and wage growth has lagged inflation, posing challenges for buyers.
The data suggests resilience in housing demand, though uncertainty around mortgage rates and geopolitical factors continues to weigh on a full recovery.