Sales of previously owned homes fell less than one percent in May, according to new numbers from the National Association of Realtors. The month-over-month decline, though slight, was the fourth consecutive monthly decrease for existing-home sales. Lawrence Yun, NAR’s chief economist, says the issues currently holding sales back are expected to improve in the months ahead. “Lack of inventory continues to be the overwhelming factor holding back home sales, but falling affordability is simply squeezing some first-time buyers out of the market,” Yun said. “The market’s outlook, however, is encouraging. Supply is expected to improve, which will give buyers more options and help tamp down record-high asking prices for existing homes.” In the meantime, home buyers should expect a competitive and fast-moving market. In fact, nearly nine out of ten homes sold in May were on the market less than a month. The typical property was sold in just 17 days. At that pace, buyers need to be prepared and ready to move quickly when they find a home they’d like to buy.
