Looking ahead

Following April's decline in existing-home sales, Yun expects a rebound heading into the summer, but says the likelihood of meaningful gains will depend on a much-needed boost in inventory and evidence of moderating price growth now that interest rates have started to rise.

"The housing market can handle interest rates well above 4% as long as inventory improves to slow price growth and underwriting standards ease to normal levels so that qualified buyers -- especially first-time buyers — are able to obtain a mortgage," he said

NAR projects total existing-home sales in 2015 to be around 5.24 million -- an increase of 6.1% from last year. The national median existing-home price (the point at which half the prices are higher and half are lower) for all of this year is expected to increase around 6.7%.

In 2014, sales were down 2.9% while prices rose 5.7%.

Per consumer reports