May sees decline in US existing-home sales amid rising prices

Posted on June 21, 2024   |  

US existing home sales decreased by 1.7% from the previous month and 2.9% from the previous year on a seasonally adjusted basis.

Over the past decade, only two months saw fewer home sales: October 2023, when mortgage rates surged to a 23-year high, and May 2020, when the pandemic caused the housing market to stall.

In May, the median home sale price increased by 5.1% from the previous year, reaching a record $439,716.

About 19.2% of homes for sale had price reductions, up from 13.2% a year ago.

The percentage of homes with price cuts is close to the record 21.7% set in October 2022.

The housing market faces ongoing challenges with rising home prices and declining sales.