Sales of previously-owned homes in the U.S. rose slightly in May amid a shortage of homes for sale and high mortgage rates but the median price for an...
The numbers: Sales of previously-owned homes in the U.S. rose slightly in May amid a shortage of homes for sale and high mortgage rates but the median price for an existing home fell 3.1%, the largest drop since December 2011.
Sales of existing homes in the U.S. increased 0.2% to an annual rate of 4.3 million in May, the National Association of Realtors said Thursday. Home prices have dropped for the fourth month in a row on an annual basis. They peaked in May 2021, where they grew 25.2% annually. Sales of existing homes across the country were mixed – the South and West saw home sales rise, while the Midwest and Northeast saw sales dip in May.
While builders are filling the gap with new buildings and responding to demand from home buyers, it’s not enough to meet demand. Plus, new homes are much more expensive than resales. The median price of a new home sold in April was $420,800, nearly $25,000 higher than a previously-owned home.
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