Reported 11 months ago
Sales of existing homes in the US dropped for a third consecutive month in May, with prices setting a new record, indicating ongoing affordability challenges. Contract closings decreased by 0.7% to a 4.11 million annualized rate, driven by a decline in the South. The inventory of existing homes for sale has slightly increased, leading to a 18.5% rise in supply compared to the previous year. This shortage of inventory, coupled with high prices, is creating a barrier for first-time buyers according to NAR Chief Economist Lawrence Yun, who expects that a rise in inventory will help stabilize prices and boost sales in the coming months.
Source: YAHOO