Home Sales Surged in May to the Highest Level Since December
The median existing-home price hit a record $429,300 as inventory rose 3.3% and first-time buyers made up 35% of sales, NAR said.
- On Tuesday, the National Association of Realtors reported U.S. existing home sales increased 3.2% in May to a seasonally adjusted annual rate of 4.17 million units, marking the fastest pace since December.
- Rising sales likely reflected contracts signed in March and April when mortgage rates pulled back slightly; NAR Chief Economist Lawrence Yun said, "Improving affordability is helping drive this momentum."
- Inventory increased 3.3% to 1.55 million units while the median price rose 1.3% to $429,300; first-time buyers represented 35% of all sales.
- Homeowners appear on solid financial footing, with only 1% of sales involving foreclosures or underwater situations, while about 25% of transactions were cash sales.
- Despite the rebound, home sales have hovered near a 4-million annual pace since 2023, far short of the 5.2-million historic norm as the market remains sluggish.
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Roundup: Existing home sales / Faith Technologies / University Lakes update
A May surge: U.S. existing home sales rose in May to their highest level since December, reaching an annual pace of about 4.17 million. The increase was driven by slightly lower mortgage rates and stronger buyer activity. However, affordability remains a challenge as home prices stay elevated and supply is still limited. CNBC has the […]
Home sales are on the rise. Has the market turned a corner?
Mortgage rates are inching upward, and consumers are worried about the state of the economy as the war in Iran continues to drive up prices for everything from food to gas. But the U.S. housing market is heating up, according to a report released Tuesday by the National Association of Realtors. Existing-home sales increased 3.2% from April to May, hitting the highest level since December, the report shows. The median home price was $429,300 last…
US home sales surge to the fastest pace this year despite rising mortgage rates and prices - Regional Media News
Sales of previously occupied U.S. homes accelerated last month to their fastest pace since December, a sharp turnaround in demand for after a lackluster start to the spring homebuying season. Existing home sales rose 3.2% in May from the previous month to a seasonally adjusted annual rate of 4.17 million units, the National Association of Realtors said Tuesday. Sales also rose 3.2% compared with May last year. Home sales increased from a year ea…
Pittsburgh Post-Gazette
U.S. home sales surge to the fastest pace this year despite rising mortgage rates and prices
Sales of previously occupied U.S. homes accelerated last month to their fastest pace since December, a sharp turnaround in demand after a lackluster start...
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