Today, the National Association of Realtors (NAR) released their Existing Home Sales Report for May showing a "surprise" pullback in sales coming in the wake of the phony baloney government sponsored surge in home sales activity seen in March and April.Single family home sales declined 1.6% since April but still remains 17.5% above the level seen last year while prices increased 2.7% over the same period.
Although the current level of inventory remains just above the level seen last year, May brought the first monthly drop in inventory seen in five months resulting in a monthly supply of 7.8.
The following charts (click for full-screen dynamic version) shows national existing single family home sales, median home prices, inventory and months of supply since 2005.
