Finance: Existing-home sales jump more than expected

The National Association of Realtors' monthly report on US existing-home sales.

US existing-home sales rose more than forecast in May, according to the National Association of Realtors.

Sales of existing condos, coops, and single-family homes increased by 1.1% at a seasonally adjusted annual rate of 5.62 million.

Economists had forecast that fell by 0.4% at a seasonally adjusted annual rate of 5.55 million in May, according to Bloomberg. Sales in April were revised lower.

This is the busiest segment of the housing market, as most homes sold have already been built.

The NAR's April report showed again that inventory levels are super-low. This raised the median price on an existing home to a record $252,800. Meanwhile, demand outstripped supply, with the median number of days a home spent on the market falling to 27 days, the shortest period since the NAR started counting in May 2011.

"Although we have not seen a rapid acceleration in home prices, the steady gains of roughly 6% a year are outpacing average wage growth and creating affordability strains," said Sam Bullard, a senior economist at Wells Fargo, in a preview.

More to come ...

The National Association of Realtors' monthly report on US existing-home sales. Read Full Story