Sales of previously occupied U.S. homes edged higher in May and the national median sale price posted its biggest annual drop in more than a decade, even as the supply of available properties sank to an all-time low.
Existing home sales rose 0.2% last month from April to a seasonally adjusted annual rate of 4.3 million, the National Association of Realtors said Thursday. That’s slightly above what economists were expecting, according to FactSet.
The latest housing market figures are more evidence that even with prices declining after heading higher for more than a decade many house hunters are being held back by a persistently low inventory of homes for sale.All told, there were 1.08 million homes on the market by the end of May, an increase of 3.8% from April, but down 6.1% from a year earlier, the NAR said. That’s the fewest homes for sale on records going back to 1999, Yun said.
Homes listed for sale in May typically sold within just 18 days, while 74% were on the market for less than a month, the NAR said. Global demand for U.S. Treasurys, which lenders use as a guide to pricing loans, investors’ expectations for future inflation and what the Fed does with interest rates influence rates on home loans.
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