Homebuilding May Existing Home Sales Rise 3%, Above the Street’s 1%; SF Supply Up 9% vs. Historically Up 1% and Up 5% YOY

Research evidence excerpt

Homebuilding May Existing Home Sales Rise 3%, Above the Street’s 1%; SF Supply Up 9% vs. Historically Up 1% and Up 5% YOY

J P M O R G A N North America Equity Research

09 June 2026

Homebuilding

May Existing Home Sales Rise 3%, Above the Street’s

1%; SF Supply Up 9% vs. Historically Up 1% and Up

5% YOY

May total existing home sales rose 3.2% sequentially to 4.17 million, above the Homebuilders & Building Products

ACStreet’s outlook for a 1.2% rise to 4.07 million (prior month revised up to 4.04 million Michael Rehaut, CFA

from 4.02 million). Single-family existing home sales rose 3.5% sequentially to 3.80 (1-212) 622-6696

million. On a YOY basis, total and single-family existing home sales rose 3.2% and michael.rehaut@jpmorgan.com

3.3%, respectively. Regarding supply, single-family inventory rose 8.5% sequentially Nisarg Kalra

to 1.41 million, above May’s historical average 1.3% rise and remaining below the 1-212-622-0132

1.8-2.0 million range that has historically been a driver of housing starts. We note this nisarg.kalra@jpmchase.com

J.P. Morgan Securities LLC

follows other recent housing data points, including the May NAHB Builder Survey

up 3 points seq. and up 9% YOY, April new home sales down 6% sequentially and

11% YOY and April housing starts down 3% seq. and up 5% YOY.

• May existing home sales rose 3.2% seq. to 4.17 million. Following a 0.7%

seq. rise in April, total existing home sales rose 3.2% seq. to 4.17 million;

single-family existing home sales rose 3.5% seq. to 3.80 million. On a YOY

basis, total and single-family existing home sales rose 3.2% and 3.3%,

respectively. We note that distressed sales represented approximately 1% of

total sales, down from 2% last month and 3% one year ago.

• Total absolute inventory rose 3.3% seq. to 1.55 million.