By Aaron Terrazas | Zillow
Zillow expects existing home sales to edge 0.3 percent lower month-over-month in May, falling to 5.55 million units at a seasonally adjusted annual rate (SAAR).
New home sales should rise 6.8 percent from April, to 607,000 units (SAAR) and should continue gaining gradually over the next year.
Thus far in 2017, existing home sales have been volatile: rising in one month and falling the next. While there has been a slight upward trend on average, tight for-sale inventory is weighing on the number of new homes sold in any given month.
In May, we expect existing home sales – which the National Association of Realtors (NAR) will report later this week – to edge 0.3 percent lower to 5.55 million units at a seasonally adjusted annual rate (SAAR). Over the next year, we expect existing home sales to remain roughly in line with or slightly below current levels, with existing home sales expected to fall to 5.44 million units (SAAR) by May 2018.
