Jeff Clabaugh
Broadcast/Web Reporter- Washington Business Journal

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The housing market is a tale of two markets, with sales slowing but prices continuing to rise.

The National Association of Realtors says existing home sales rose 4.9 percent in May, the biggest monthly gain in existing home sales in more than two-and-a-half years.

Even so sales were 5 percent below last spring’s levels.

Inventory, or the number of houses and condos currently listed for sale, rose 2.2 percent. The median home price nationally was up 5.1 percent.

A separate report from real estate firm Zillow Inc. said the total number of homes listed for sale in May was up 5.4 percent from a year ago, but it is not as optimistic going forward on prices.

Zillow says the Washington market can expect to see median housing prices rise just 1.1 percent in the next year, after gaining 7.3 percent in the past 12 months.

Jeff Clabaugh covers general assignment and provides business coverage for WTOP.