"The median home price has risen significantly, while wages have not kept pace, which is a major hurdle for potential buyers in today's market."
"Despite a slight increase in sales from the previous month, existing home sales remain sluggish compared to pre-COVID levels due to affordability issues."
The U.S. housing market is experiencing a slump, with May 2023 marking the slowest month for existing home sales since 2009. Sales fell 0.7% year-over-year, despite a slight monthly increase. Chief economist Lawrence Yun attributed the sluggish activity to affordability issues, highlighting a stark contrast between rising home prices and stagnant wage growth. Inventory levels have increased by over 20%, creating a somewhat buyer-favorable market in certain regions. However, condo sales are particularly low, indicating varying conditions across different housing types.
Read at www.npr.org
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