Home prices may trend higher, too
The national median existing-home price was $228,700 in May 2015, a 7.9% increase from May 2014, according to NAR data.
Home prices are expected to keep rising, likely more in some regions than in others, Reaser says.
We will see around a 6% price increase this summer compared with last summer, based on the Standard & Poor's/Case-Shiller home-price index, adds NAHB's Crowe.
"It's about the same trend that we have seen so far this year."
Median home prices increased the most in the West (10.2%) and the least in the Northeast (4.8%) from May 2014 to May 2015, NAR reports.