May saw a substantial drop in U.S. home sales, reporting 341,477 closed sales, an 11% decline from the previous year. This continues a trend of stagnation, with sales 15% below the 2005 average for May, marking the sixth-slowest performance in 21 years. The median selling price reached a record high of $367,000. Elevated mortgage rates and economic uncertainties have led to decreased buyer activity, resulting in a typical house payment of $2,397, the third-highest on record.
U.S. home sales fell by the biggest amount in a year in May, with 341,477 closed sales, an 11% decrease compared to last year.
The median selling price for homes hit an all-time high of $367,000 in May, although pricing pressure is evident as appreciation slows.
The typical house payment is $2,397, which is the third-highest on record, despite being slightly lower than the previous year.
Sales are 15% below the May average since 2005, marking May as the sixth-slowest month for home sales in the past 21 years.
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