The median existing-home price was $183,600 in May, a 10.3% increase from a year earlier.
“The growth in home prices hasn’t slowed yet, but in the second half of the year we’re expecting an ease in sales to take some of the pressure off of appreciation rates resulting from lean inventories of homes available for sale,” said Walt McDonald, the association’s president.
“This will be a healthy change for the housing market because slower appreciation will help to preserve favorable housing affordability conditions in the future.”
The inventory of unsold homes rose 0.8% in May, reaching a 4.2-month supply at the current sales pace.
May sales were up 5.5% in the West and 3.8% in the South; they declined 0.7% in the Midwest and 1.4% in the Northeast.
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