Existing Home Sales: May EHS +3.2% MoM and YoY

Research evidence excerpt

Existing Home Sales: May EHS +3.2% MoM and YoY

Homebuilders & Building Products

June 9, 2026

Existing Home Sales: May EHS +3.2% MoM and YoY Exhibit 1 - EHS - 2-Year

Chart

EHS Since March 2024 40%

20%The Wolfe Byte

0%

-20%Despite rates moving higher, May EHS reached the highest level since December 4.54.44.34.24.14.03.93.83.73.63.5 -40%

Existing Home Sales YoY % Changeincreasing +3.2% sequentially and +3.2% YoY to 4.17M. At 4.5 months' supply,

inventory was flat versus April. Source: Wolfe Research, NAR

Exhibit 2 - EHS

May Existing Home Sales increased +3.2% MoM to 4.17M, which was +2.5% ExistingSalesHome

above the 4.07M Consensus forecast. EHS also increased +3.2% YoY and were MayApril20262026 4.044.17

MoM % +3.2%

YoY % +3.2%+2.2% above the 4.08M 2025 average. On a NSA basis, EHS were flat YoY at 390K.

We note May's seasonal adjustment was the largest since 2022. Holding the Source: Wolfe Research, NAR

SA factor consistent with the 3-year average implies 4.0M May EHS versus the

4.17M reported and 4.04M in April. We remind investors EHS are backward-looking

with May sales generally put under contract in March and April. Mortgage rates

averaged ~6.2% in March and ~6.3% in April compared to ~6.6% and ~6.7% for the

respective periods a year ago. On a months’ supply basis, inventory was flat MoM at

4.5 months’ and compares to 4.6 months’ a year ago. This is the highest months’ Trevor Allinson, CFA

supply since October and is marginally higher than the 4.3 months’ average last tallinson@wolferesearch.com (636) 338-1466

year, although more real-time data suggests inventory growth has been slowing View Trevor’s Research

recently. Absolute inventory increased +3.3% MoM to 1.55M. Inventory was +0.6% View Comp Table

or +10K above May ’25 levels. Paul Przybylski