Existing U.S. home sales inched up 0.8% in May to an annual rate of 4.03 million, but it was still the slowest May since 2009 due to high mortgage rates and rising prices. The national median home price hit a record $422,800 for the month, up 1.3% year-over-year, though price growth is slowing. Persistent mortgage rates near 7% continue to limit affordability, holding back both buyers and sellers despite a growing number of homes on the market.
May home sales rates weigh on housing market
