Although the supply of homes for sale was the most it’s been in eight months, the level is still significantly low and helped drive down monthly existing sales.

Homeowners sold 536,000 existing houses during May. Making up the activity were sales of single-family homes, townhomes, condominiums and co-operatives.

Including last month’s transactions, there have been 2.062 million existing home sales that have closed during the first-five months of this year.m

Source: Mortgage Daily