The National Association of Realtors recently reported that, for the second month in a row, sales of existing homes were down. May’s adjusted annual rate was 5.43 million, which is a decline of 0.4% from April’s number. The Realtors said the lack of market supply was driving these lower numbers. In addition, the median existing-home price in May was $264,800 – which is an all-time high and marked the 75th straight month of year-over-year price gains.
“Closings were down in a majority of the country last month and declined on an annual basis in each major region,” he said. “Incredibly low supply continues to be the primary impediment to more sales, but there’s no question the combination of higher prices and mortgage rates are pinching the budgets of prospective buyers, and ultimately keeping some from reaching the market.” Said Lawrence Yun, the NAR’s chief economist.