By type, sales rose 1.6% from April for condos and co-ops and 1.0% for single-family homes. On a year-ago basis, sales were up 3.2% for condos and co-ops and 2.7% for single-family homes. Prices were up 6.0% for single-family homes and 4.8% for condos and co-ops.
Today’s report is welcome relief after a terrible April for the housing market. With mortgage rates trending down over the last couple months, a rebound for housing was expected. Still, May continued a recent pattern of ups and downs for sales. If the recent pattern holds, June may be another down month.