Reported 11 months ago
Sales of existing homes in the US fell by 0.7% in May, marking the third consecutive monthly decline, with a seasonally adjusted annual rate of 4.11 million. This was attributed to rising mortgage rates and record-high home prices. Despite the drop in sales, home prices rose by 5.8% from the previous year, reaching an all-time high of $419,300. The housing market has been affected by the delayed Federal Reserve interest rate cut policy, tight supply of homes for sale, and a trend where many homeowners are holding onto fixed-rate mortgages below 4%. First-time homebuyers continue to face challenges entering the market due to these factors.
Source: YAHOO