San Francisco

U.S. existing-home sales dipped 0.5% month-over-month and 2.0% year-overyear 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. Yearover-year, sales were down in every region except the Northeast.

New Listings were up 10.1 percent for single family homes but decreased 5.6 percent for Condo/TIC/Coop properties. Pending Sales increased 13.1 percent for single family homes and 18.8 percent for Condo/TIC/Coop properties.

The Median Sales Price was up 7.5 percent to $1,800,000 for single family homes and 12.2 percent to $1,290,000 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 9.5 percent for single family units and 18.0 percent for Condo/TIC/Coop units.

There were 1.45 million units actively for sale heading into May, a 9.0% increasefrom 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.