U.S. existing home sales fell 3.4% m/m in May

Data from the National Association of Realtors (NAR) showed that existing home sales fell 3.4% month-on-month in May to 5.41 million units. On a yearly basis, existing home sales fell even more by 8.6%, the fourth straight month of declines and the most recent decline. The lowest level in two years. However, the average US home price still rose 14.8% year-on-year to 407,600. Home sales are expected to decline further in the coming months, given the sharp rise in mortgage rates and a 12.6% month-over-month surge in home inventory, NAR said.