Existing-home sales in May were snagged by supply, the National Association of REALTORS® (NAR) reports. Activity in May declined 0.4 percent to 5.43 million, down 3 percent from the prior year. Inventory increased 2.8 percent to 1.85 million, but was 6.1 percent lower than the prior year.
“Closings were down in a majority of the country last month and declined on an annual basis in each major region,” says Lawrence Yun, chief economist at NAR. “Incredibly low supply continues to b