U.S. existing-home sales edged up 0.2% from the previous month to a seasonally adjusted annual rate of 4.02 million, according to the National Association of REALTORS® (NAR). Sales remained unchanged year-over-year. Regionally, existing-home sales rose in the Midwest and South, were flat in the Northeast, and declined in the West. Year-over-year, sales increased in the South, held steady in the West, and fell in the Northeast and Midwest.

Closed Sales decreased 3.6 percent for Existing Homes homes and 1.2 percent for New Construction homes. Pending Sales decreased 5.3 percent for Existing Homes homes but increased 4.7 percent for New Construction homes. Inventory decreased 7.4 percent for Existing Homes homes and 4.6 percent for New Construction homes.

Median Sales Price increased 5.5 percent to $330,000 for Existing Homes homes and 1.1 percent to $549,200 for New Construction homes. Days on Market remained flat for Existing Homes homes but decreased 3.8 percent for New Construction properties. Months Supply of Inventory decreased 12.5 percent for Existing Homes homes and 9.1 percent for New Construction homes.

National inventory climbed 5.8% month-over-month and 1.4% year-over-year, with approximately 1.47 million properties listed for sale heading into May, NAR reported. At the current sales pace, that represents a 4.4-month supply, reflecting a modest improvement in inventory conditions compared to a year earlier. Homes spent a median of 32 days on the market, down from 41 days the previous month, while the median existing-home price increased to $417,700, up 0.9% from a year ago.

*Information courtesy of KCRAR & Heartland MLS