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.
31 Articles
31 Articles
Ottumwa Courier
US 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 for the housing market after a lackluster start to the spring homebuying season. The National Association of Realtors said Tuesday…
What’s Driving The Sharp Rebound In The US Housing Market
Sales of previously owned homes rose sharply in May, reaching their highest level since December as slightly lower mortgage rates encouraged more buyers to enter the market. 🏠According to data from the National Association of Realtors, existing home sales increased 3.2% from April to a seasonally adjusted annual rate of 4.17 million units. The gain exceeded economists’ expectations and marked the strongest year-over-year growth pace since Decem…
Coverage Details
Bias Distribution
- 52% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
