US existing-home sales rose 0.8% MoM (vs -1.3% MoM) in May to a SAAR of 4.03 million units but fell -0.7% YoY, with persistently high mortgage rates weighing on activity.

• Housing inventory increased 6.2% MoM and 20.3% YoY to 1.54 million units (4.6 months’ supply, up from 4.4 in April).
• The median existing-home price hit a May record at $422,800, up 1.3% YoY.
• Single-family home sales rose 1.1% MoM to 3.67 million (up 0.3% YoY); condo/co-op sales fell -2.7% MoM and -10.0% YoY.
• Regionally, sales rose MoM in the Northeast (+4.2%), Midwest (+2.1%), and South (+1.7%) but fell sharply in the West (-5.4%).
• First-time buyers made up 30% of purchases (down from 34% in April); cash sales rose to 27% of transactions.