US existing home sales fall as prices hit record
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US existing home sales declined 0.7 percent in May from a month earlier, reaching a seasonally adjusted annual rate of 4.11 million, down 2.8 percent year-over-year. The median sale price of an existing home rose 5.8 percent year-over-year to $419,300, the highest price ever recorded. The high cost of borrowing, reflected in elevated mortgage rates, is impacting home sales. The Federal Reserve's decision to keep interest rates high is contributing to the elevated mortgage costs. However, the recent decline in mortgage rates, expected to continue as the Federal Reserve cuts interest rates, is predicted to support a modest rebound in home sales later in the year. The increase in housing supply is expected to help boost home sales and temper home price gains in the coming months. Total housing inventory at the end of May was up 6.7 percent from a month earlier and up 18.5 percent from a year ago. The rise in home prices is creating a wider gap between property owners and first-time buyers. The mortgage payment for a typical home today is more than double that of homes purchased before 2020. However, first-time buyers in the market understand the long-term benefits of owning a home.

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https://www.legit.ng/business-economy/economy/1598502-us-existing-home-sales-fall-prices-hit-record/