U.S. home sales jumped 2.5% in May, as lower mortgage rates appeared to help buyers overcome affordability challenges. The National Association of Realtors said Friday that existing homes sold at a seasonally adjusted annual rate of 5.34 million last month, up from 5.21 million in April. Rates for
WASHINGTON — U.S. home sales jumped 2.5% in May, as lower mortgage rates appeared to help buyers overcome affordability challenges.
The recent gains likely came from reduced borrowing costs that made it easier to finance a home. Rates for the 30-year mortgage are averaging 3.84% this week, down sharply from 4.57% a year ago, according to the mortgage buying company Freddie Mac. Still, the real estate market has yet to shake off last year's slump. Home sales fell 1.1% from a year ago.
More homes have come onto the market in the past year, but it's been insufficient to inject a meaningful amount of inventory that would give would-be buyers more choices.
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