U.S. existing-home sales dipped 0.5% month-over-month and 2.0% yearover-year to a seasonally adjusted annual rate of 4.00 million units, according to the National Association of REALTORS® (NAR). Sales increased in the Midwest, decreased in the West and Northeast, and were unchanged in the South. Year-over-year, sales were down in every region except the Northeast.

Closed Sales increased 0.4 percent for existing homes but decreased 5.9 percent for new homes. Pending Sales increased 6.4 percent for existing homes but decreased 6.7 percent for new homes. Inventory increased 15.3 percent for existing homes but decreased 0.7 percent for new homes.

The Median Sales Price was up 5.4 percent to $315,000 for existing homes and 1.7 percent to $534,098 for new homes. Days on Market increased 20.0 percent for existing homes but decreased 3.6 percent for new homes. Supply increased 15.0 percent for existing homes but increased 1.9 percent for new homes.

There were 1.45 million units actively for sale heading into May, a 9.0% increase from the previous month and a 20.8% improvement from the same time last year, for a 4.4-month supply at the current sales pace, according to NAR. The median existing-home price edged up 1.8% year-over-year to $414,000 as of last measure, the 22nd consecutive month of annual price increases and a new record high for the month.