Existing Home Sales Fall Slightly in May—Higher Home Prices and the Lack of Inventory Give Buyers Pause

Existing Home Sales Fall for the Fourth Consecutive Month The pullback in existing home sales continued this past month, with existing home sales falling 0.9% to a 5.80 million-unit annual pace. Existing home sales have declined during each of the past four months but are still running at a very strong pace and modestly above their pre-pandemic level. The median price of an existing home sold in May rose to $350,300, which is up an astounding 23.6% from the prior year. The historic run-up in prices and dearth of homes available for sale has undoubtedly caused many would-be buyers to put their plans on hold. With affordability becoming increasingly challenging, several surveys have detected a pullback in home buying plans. Tailwinds Are Diminishing for Home Sales…READ FULL ARTICLE >>