US: Existing-home sales rebounded in May following a notable decline in April

"Existing-home sales rebounded in May following a notable decline in April, and low inventory levels helped propel the median sales price to a new high while pushing down the median days a home is on the market to a new low, " said the National Association of Realtors in its Existing Home Sales report on Wednesday.

Key highlights:

• The job market in most of the country is healthy and the recent downward trend in mortgage rates continues to keep buyer interest at a robust level
• Listings in the affordable price range are scarce, homes are coming off the market at an extremely fast pace and the prevalence of multiple offers in some markets are pushing prices higher
• Current demand levels indicate sales should be stronger, but it's clear some would-be buyers are having to delay or postpone their home search because low supply is leading to worsening affordability conditions