Key Numbers From May Home Sales

Earlier this week, the National Association of REALTORS released their newest housing report, which looked at existing-home sales in the month of May. The findings? May's existing-home sales rose to their highest point in nearly six years, thanks in large part to a substantial increase in first-time home buyers. Here are some of the most important statistics to take away from the report:

5.35 million: Seasonally adjusted annual rate of existing-home sales in May. This is 5.1% higher than in April and 9.2% higher than the same time last year.

2.29 million: Total housing inventory at the month's end, 3.2% higher than last month and 1.8% higher than last May. However, supply at current sales pace dropped from 5.2 months to 5.1 months.

$228,700: Median existing-home price, 8% above this time last year.

40 days: Average time a property spent on the market in May, up from 39 days in April. However, this was the third-shortest time since May 2011 when the stat was first measured.

32%: Share of first-time home buyers in May, up from 27% a year ago and the highest since September of 2012.

24%: Proportion of sales that were all-cash, down from 32% last year.

10%: Share of sales that were distressed, either through foreclosure or short-sale. This was down from 11% a year ago. Foreclosures and short-sales sold for an average of 15% and 16% below market value, respectively.

All 4: Major regions which saw growth in May, led by the Northeast with an 11.3% annual rate increase from last month. The West led in median sale price ($324,000) and year-over-year increase in price (10.2%), while the South led in volume (2.18 million annual sales rate) and the Midwest led in year-over-year sales increase (12.4%).

Overall, the report found that existing-home sale growth in May was strong, and may have been stronger if not for an ongoing inventory shortage in many markets.

Source: First-Time Buyers Fuel Latest Sales Boost