According to the National Association of Realtors (NAR), existing-home sales in the US decreased for a fourth straight month in May 2021. Only one major region recorded a month-over-month increase, while the other three regions saw sales decline. However, each of the four areas again registered double-digit year-over-year gains.

Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, dropped 0.9% from April to a seasonally-adjusted annual rate of 5.8m in May. Sales in total climbed year-over-year, up 44.6% from a year ago (4m in May 2020).

“Home sales fell moderately in May and are now approaching pre-pandemic activity,” said Lawrence Yun, NAR’s chief economist. He added: “Lack of inventory continues to be the overwhelming factor holding back home sales, but falling affordability is simply squeezing some first-time buyers out of the market. The market’s outlook, however, is encouraging. Supply is expected to improve, which will give buyers more options and help damp down record-high asking prices for existing homes.”

The median existing-home price for all housing types in May was $350,300, up 23.6% from May 2020 ($283,500), as every region registered price increases. This is a record high and marks 111 straight months of year-over-year gains since March 2012.