Spring Market Update

Existing home sales rose 0.8% last month from April to a seasonally adjusted annual rate of 4.03 million units. Still, the sales pace was the slowest for the month of May going back to 2009, when the market was still reeling from a housing crash. 17% purchased property for non-primary residence use, up from 15% last month and virtually unchanged from 16% last year. 6% were purchased for vacation use specifically, up slightly from 5% one month ago and 5% one year ago. Source: National Association of Realtors