U.S. existing-home sales dipped 0.5% month-over-month and 2.0% year-over- year to a seasonally adjusted annual rate of 4.00 million units, according to the National Association of REALTORS® (NAR). Sales increased in the Midwest, decreased in the West and Northeast, and were unchanged in the South. Year- over-year, sales were down in every region except the Northeast.

New Listings in Staten Island decreased 30.0 percent to 385. Pending Sales were down 27.5 percent to 266. Inventory levels fell 35.4 percent to 932 units.

Prices continued to gain traction. The Median Sales Price increased 4.5 percent to $687,500. Days on Market was down 5.8 percent to 70 days. Sellers were encouraged as Months Supply of Inventory was down 38.1 percent to 3.0 months.

There were 1.45 million units actively for sale heading into May, a 9.0% increase
from the previous month and a 20.8% improvement from the same time last
year, for a 4.4-month supply at the current sales pace, according to NAR. The
median existing-home price edged up 1.8% year-over-year to $414,000 as of

last measure, the 22nd consecutive month of annual price increases and a new
record high for the month.