Reported about 1 year ago
In May, existing home sales in the US decreased for the third consecutive month as prices reached an all-time high of $419,300. The National Association of Realtors reported a 0.7% drop in May sales compared to April, with only the Midwest region experiencing an increase. Affordability challenges, coupled with high interest rates around 7%, are impacting the market, leaving buyers struggling. Despite a 6% annual increase in home prices and an increase in inventory, the market is experiencing slower activity but continues to see multiple offer situations.
Source: YAHOO