What I Saw Last Week
U.S. Existing Home Sales increased 5.1% in May to a seasonally adjusted annual rate of 5.35M units from an upwardly revised 5.09M units (from 5.04M) in April. I had forecast an increase to an annual rate of 5.26M units.
It is pleasing to note that this was the most homes sold in one month since November of 2009.
Equally as pleasing is that much of the gain came from first time buyers who accounted for 32% of total monthly sales – up from 30% seen in April. And the largest contribution since September of 2012.
All-cash sales accounted for 24% of transactions for a third consecutive month. Sales to individual investors remained at 14% for a second consecutive month. Distressed sales were also unchanged and accounted for 10% of all sales.
Supply continues to be a problem. While inventories increased 3.2% in May, the increase…
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