Existing-home sales decreased for the fourth consecutive month in May, according to the National Association of Realtors (NAR), with month-over-month sales declining in three out of four major U.S. regions and year-over-year sales slipping in all four regions.

NAR reported that completed transactions in May fell 3.4 percent from April to a seasonally adjusted annual rate of 5.41 million. Year-over-year sales dropped 8.6 percent.

“Home sales have essentially returned to the levels seen in 2019 – prior to the pandemic – after two years of gangbuster performance,” NAR Chief Economist Lawrence Yun said in a release. “Also, the market movements of single-family and condominium sales are nearly equal, possibly implying that the preference towards suburban living over city life that had been present over the past two years is fading with a return to pre-pandemic conditions.”

At the end of May, the total housing inventory was 1,160,000 units, an increase of 12.6 percent from April and a 4.1 percent decline from the previous year. Unsold inventory at the end of May was a 2.6-month supply at the current sales pace, up from 2.2 months in April and 2.5 months in May 2021.

“Further sales declines should be expected in the upcoming months given housing affordability challenges from the sharp rise in mortgage rates this year,” Yun added. “Nonetheless, homes priced appropriately are selling quickly and inventory levels still need to rise substantially – almost doubling – to cool home price appreciation and provide more options for home buyers.”

According to NAR, the median existing-home price for all housing types in May was $407,600, up 14.8 percent from May 2021 ($355,000), as prices increased in all regions.

Houses continued to sell rapidly during May, with properties typically remaining on the market for 16 days, down from 17 days in April and 17 days in May 2021. NAR said 88 percent of homes sold in May 2022 were on the market for less than a month.

Existing-home sales in the Northeast climbed 1.5 percent in May to an annual rate of 680,000, falling 9.3 percent from May 2021. The median price in the Northeast was $409,700, a 6.7 percent rise from one year ago.

In the Midwest, existing-home sales in May dropped 5.3 percent from the previous month to an annual rate of 1,240,000, slumping 7.5 percent from May 2021. The median price in the Midwest was $294,500, up 9.5 percent from one year before.

In the South, existing-home sales in May dropped 2.8 percent to an annual rate of 2,410,000, down 8.4 percent from the previous year. The median price in the South was $375,000, a 20.6 percent jump from one year ago.

Existing-home sales in the West slid 5.3 percent in May compared with the previous month to an annual rate of 1,080,000, down 10 percent from this time last year. The median price in the West was $633,800, an increase of 13.3 percent from May 2021.