From CNBC: 2024-06-21 10:13:28

Sales of existing homes remained stagnant in May, hitting a 30-year low. The National Association of Realtors reported a 0.7% decrease in sales from April, with a total of 4.11 million units sold. Mortgage rates remain high, with rates hovering around 7%.

Home prices hit a new record high in May, with the median price of an existing home reaching $419,300. Prices have increased by 5.8% year over year, the biggest gain since October 2022. Sales of homes priced below $250,000 were lower, while sales of homes priced over $750,000 saw an increase.

Despite the stagnant sales and record-high prices, competition in the housing market remains strong. Two-thirds of homes are going under contract in less than a month, with cash transactions accounting for 28% of sales. First-time buyers make up 31% of sales, reflecting a slight increase from the year before.



Read more at CNBC: Home prices hit record high in May as sales stall