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VOL. 41 | NO. 24 | Friday, June 16, 2017

Home sales rose in May but buyers face sharply rising prices

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WASHINGTON (AP) — Americans bought homes at a quicker pace in May, but the housing market may soon face turmoil because of a shortage of properties for sale and surging prices.

The National Association of Realtors says sales of existing homes edged up 1.1 percent last month to a seasonally adjusted annual rate of 5.62 million units. Sales have risen 2.7 percent over the past 12 months.

But homebuyers are facing greater financial and time pressures due to shrinking inventories. Sales listings have plummeted 8.4 percent over the past 12 months to 1.96 million. Homes are staying on the market for a median of just 27 days, the shortest period since the Realtors began tracking the measure in 2011.

The median sales price has risen 5.8 percent from a year ago to $252,800.