Despite a 2.1 percent uptick in May, inventory was 8.4 percent lower than one year ago, and was down on a year-over-year basis for the 24th straight month.
NAHB reports that May unsold inventory represented a 4.2-month supply, a half-month decrease from the year before.
The results come from the most recent National Association of Realtors housing market report. Existing sales rose 2.7 percent last month from the year before, and homes stayed on the market for only 27 days in May.
May existing sales increased 6.8% in the Northeast, 3.4% in the West and 22% in the South, but declined 5.9% in the Midwest. Year-over-year, the South was up 4.5%, the West by 3.4% and the Northeast by 2.7%, while only the Midwest was down slightly.