This was a good report. The term good is relative. Sales are still down year-over-year as well as year to date.

Econoday provides a balanced view.

Less strong than the headline might suggest but still very favorable is a 2.5 percent jump in May existing home sales that falls on the strong side of Econoday's consensus range. Yet the 5.340 million annual rate is well short of February's 5.480 million and 1.1 percent under the 5.400 million pace in May last year. The 3-month average, which helps smooth out some of the usual bumps in housing data, is down 0.9 percent in today's data at 5.253 million.

But May's gain is still a relief especially a 4.0 percent monthly jump in the median price to $277,700 for year-on-year growth of 4.8 percent. Another positive is a strong 4.9 percent rise in the number of resales on the market, at 1.920 million.

By units, single-family resales rose 2.6 percent to a 4.750 million pace while condo sales climbed 1.7 percent to 590,000. By region, the Northeast and Midwest posted mid-single digit monthly gains with the South and West in the low single digits.

New home sales have been doing better than resales but both are climbing for a 2019 housing year that looks to get an increasing lift from low mortgage rates.

Bond Market Reaction

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Bond yields are down at low end and higher everywhere else.

Mike "Mish" Shedlock

Existing Home Sales Rise First Time Since May: Hurricane Impacts Abate, NAR Begs for Subsidies

Existing home sales rose 0.7 percent, the first increase since May. The NAR reported 5.39 million sales at a seasonally adjusted annualized rate (SAAR) topping the Econoday consensus estimate of 5.30 million sales.

Existing Home Sales Unexpectedly Decline

Existing homes sales fell 0.4% in April. The Consensus expected a rise.

Existing Home Sales Drop 6th Consecutive Month

Existing home sales declined 3.4% in September. This was the 6th month and the 5th month below the consensus estimate.

Existing Home Sales Best Since February 2007: Good as it Gets?

Existing home sales beat expectations with a climb to 5.71 million units, seasonally adjusted annualized (SAAR).

Existing Home Sales in June Dive 1.8 Percent: Same Old Problem? Second and Third Quarter Impact?

The wind down to the end of the second quarter is not going very well. Existing home sales in June fell 1.8% to a seasonally adjusted annualized rate of 5.52 million. The Econoday consensus estimate was 5.58 million.

Existing Home Sales Decline Fourth Month

Economists missed the boat again this month expecting a small rebound in existing home sales. Instead, sales fell 0.7%.

Existing Home Sales Rise 1.1% But Activity Below Year Ago

Existing-home sales grew in March but sales still lag yearly.

New Home Sales a Bit Short of Expectations, May Revised Lower

New home sales came in at a seasonally adjusted annualized rate of 610,000 units, just short of the Econoday consensus of 611,000.

Spring Existing Home Sales: Big Flop

The pending home sales report, a strong indicator of existing home sales, suggests another bad month is on the way.