Home sales increased slightly in May, but high mortgage prices still damage the market

The existing home sales improved in May in May, a small sign of life for the apartment market where high mortgage and growth economic uncertainty.

Something Homes earlier have increased by 0.8% The Union of Realtors on Monday, a month ago, seasonally adjustable annual adjustable annual degree. Economists waited a 1.3% decrease in the proportion of 3.95 million homes.

Compared to a year ago, the sale decreased by 0.7%.

The existing home sales are considered when a sale is closed, that is, most houses traditionally fell into the beginning of the traditional spring home life season. So far the signs point to a slow writing. The contractual signatures fell sharply In April and houses spend more time in the market than a year ago.

“Nictene is relatively highly mortgage rates on high-level mortgage prices,” Pomegranate Nar economist Lawrence Wool said. “Low interest rates will attract more buyers and sellers to the housing market.”

Mortgage rates have been continuously 6.8% in recent months and home prices, a very promising recipient fighting many potential favorable. The median, which sold for $ 422,800 in May, is a record high for the month. Prices have increased by 1.3% a year ago.

If they can get high prices for stomach, buyers have more home to choose from this spring. From May, the apartment inventory is 1.54 million, a month ago and more than 6.2% a month ago.

Read more: 2025 apartment market: Is it a good time to buy a home?