The nation’s $367,000 median selling price for May is an all-time high.
U.S. home sales fell by the biggest amount in a year in May as an extended buying slump continues.
My trusty spreadsheet reviewed nationwide transaction data from Attom, finding 341,477 closed sales of houses and condos, both existing properties and new construction. That’s an 11% decrease over the past year.
Homebuying has stalled as prices and mortgage rates remain elevated, and economic uncertainty persists.
How lethargic is this market? Sales are 15% below the 399,972 average for May since 2005. This May was the sixth-slowest such month in 21 years.
Consider a slightly longer-term view to appreciate this long-standing stagnation.
