Reported 11 months ago
In May, U.S. existing home sales fell for the third consecutive month as high prices and increasing mortgage rates deterred potential buyers, with sales dropping 0.7% to 4.11 million units. The National Association of Realtors reported a surge in housing inventory for the first time in nearly two years, potentially curbing further price increases and improving affordability. However, weak sales, along with a decline in housing starts and building permits, suggest that rising mortgage rates have hindered the housing market's recovery. Median home prices hit a record high of $419,300, surging 5.8% year-over-year, with most homes selling above $750,000 and 30% selling above the listing price. Despite the increase in supply, entry-level homes remain limited, and the housing market is not expected to drive the economy in the upcoming months.
Source: YAHOO