Resales of homes south of the border surprised many Wednesday morning by displaying higher figures in May, to the third highest monthly level in a decade, as a chronic inventory shortage pushed the median home price to an all-time high.
The National Association of Realtors said Wednesday existing home sales increased 1.1% to a seasonally adjusted rate of 5.62 million units last month.
Economists had forecast sales declining 0.5% to a rate of 5.55 million units. Sales were up, however, 2.7% from May 2016.
The number of homes on the market rose 2.1%, but supply was down 8.4% from a year ago. Housing inventory has dropped for 24 straight months on a year-on-year basis.
The median house price increased to an all-time high of $252,800, a 5.8% jump from one year ago, reflecting the dearth of properties on the market.
House price gains have also been helped by 16-year lows for unemployment. Mortgage rates also remain favorable by historical standards.
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