Hardware Retailing The Industry's Source for Insights and Information
Existing-home sales increased in May, according to the National Association of Realtors’ Existing-Home Sales Report. Sales rose in the Northeast, Midwest and South, and decreased in the West. According to the report, total existing-home sales increased 0.8% month-over-month to a seasonally adjusted annual rate of 4.03 million and declined 0.7% year-over-year.
“The relatively subdued sales are largely due to persistently high mortgage rates. Lower interest rates will attract more buyers and sellers to the housing market,” says Lawrence Yun, National Association of Realtors (NAR) chief economist. “Increasing participation in the housing market will increase the mobility of the workforce and drive economic growth. If mortgage rates decrease in the second half of this year, expect home sales across the country to increase due to strong income growth, healthy inventory and a record-high number of jobs.”
Total housing inventory in May increased 6.2% from April to 1.54 million units and the median existing home price for all housing types reached $422,800, up 1.3% from May 2024.
Retailers can capitalize on the surge in existing-home purchases by highlighting home maintenance product selections for new homeowners. Read top products your store can stock for homeowners looking to update and maintain their properties here.
