MetroIntelligence Economic Update by P. DUFFY
Existing home sales edge up 0.2 percent in May, down 20.4 percent year-on-year
Existing-home sales recorded a minor gain of 0.2% in May to a seasonally adjusted annual rate of 4.30 million. Sales retreated 20.4% from one year ago. The inventory of unsold existing homes grew 3.8% from the previous month to 1.08 million at the end of May, or the equivalent of 3.0 months’ supply at the current monthly sales pace. The median existing-home price for all housing types in May was $396,100, a decline of 3.1% from May 2022 ($408,600). Prices grew in the Northeast and Midwest but fell in the South and West.
Housing starts jump 21.7 percent in May, up 5.7 percent year-on-year
May housing starts were at a seasonally adjusted annual rate of 1.63 million to the highest pace in more than a year, up 21.7% from April and 5.7% year-on-year. Single‐family housing starts in May were at a rate of 997,000, up 18.5% from April but down 6.6% year-on-year. Multifamily starts jumped 28.1% from April and 39.6% year-on-year to 624,000.
Building permits rise 5.2 percent in May, down 12.7 percent year-on-year
May building permits were at a seasonally adjusted annual rate of 1.49 million, up 5.2% from April but down 12.7% year-on-year. Single‐family authorizations in May were at a rate of 897,000, up 4.8% from April but down 13.2% year-on-year. Multifamily permits for 5+ units rose 7.8% from April but fell 11.9% year-on-year.