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 >>
