Early estimate for May: Sales up, prices up, inventory down

Economist (and former senior VP for Fannie Mae) Thomas Lawler gave Calculated Risk his estimates for NAR’s forthcoming sales and inventory statement.

He’s expecting to see May home sales were up 12.3% over last year. That’s good, but there’s a bit more good news hidden in that number: The May-to-May jump was significantly higher than the April-to-April jump. Meaning that the pace of the recovery is increasing.

Lawler also expects NAR to report that inventory was down about 21% in May, and median sales prices were up about 6.6%.

He is basing his estimates on much of the same data NAR uses, so chances are he’ll be pretty close. NAR releases its May numbers June 21.

About Andrew Kantor

Andrew is VAR's editor and information manager, and -- lessee now -- a former reporter for the Roanoke Times, former technology columnist for USA Today, and a former magazine editor for a bunch of places. He hails from New York with stops in Connecticut, New Jersey, Cincinnati, Columbus, and Roanoke.
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