Housing Market Shows Slight May Growth Amid High Mortgage Rates and Seller Surplus
TL;DR Summary
U.S. existing-home sales increased by 0.8% in May, driven by gains in the Northeast, Midwest, and South, despite a decline in the West. The median home price reached a record high of $422,800, and inventory levels rose. Experts attribute the subdued sales to high mortgage rates, with expectations of growth if rates decrease later in the year.
- NAR Existing-Home Sales Report Shows 0.8% Increase in May National Association of REALTORS®
- Home sales just posted their slowest May in 16 years NPR
- Housing market map: Zillow just released its updated home price forecast for 400-plus housing markets Fast Company
- Home sales rose slightly in May, but high mortgage rates are still hurting the market Yahoo Finance
- New Real-Estate Math: Half a Million More Sellers Than Buyers WSJ
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