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.
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.
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