Home prices hit record high in May as sales stall

Sales of existing homes remained stagnant in May, staying near a 30-year low, according to the National Association of Realtors (NAR).

The seasonally adjusted annual rate of 4.11 million units represented a marginal decline of 0.7% from April, with a 2.8% drop compared to May of the previous year.

This sluggish performance coincided with a record-high median home price and elevated mortgage rates.

Rates for the 30-year fixed loan surged from just under 7% to over 7.5% in mid-April before slightly easing back in May, currently hovering around 7%.

Lawrence Yun, NAR’s chief economist, expressed disappointment in the lack of recovery in home sales despite expectations for a spring rebound, CNBC has reported.

read more: https://www.cnbc.com/2024/06/21/home-prices-hit-record-high-in-may-as-sales-stall.html

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