Sales of previously owned homes fall to an almost two-year low
. That’s driven up mortgage rates to levels not seen since 2008. At the same time, home prices continue to rise, quashing affordability for potential buyers across the country.
“Further sales declines should be expected in the upcoming months given housing affordability challenges from the sharp rise in mortgage rates this year,” Lawrence Yun, NAR’s chief economist, said in a statement. “Nonetheless, homes priced appropriately are selling quickly and inventory levels still need to rise substantially – almost doubling – to cool home price appreciation and provide more options for home buyers.
The number of homes for sale fell from a year ago, to 1.16 million. At the current sales pace it would take 2.6 months to sell all the homes on the market. While historically low, that marked the fourth straight month of improvement in the months supply. Realtors see anything below five months of supply as a sign of a tight market.
The median selling price rose 14.8% from a year earlier, to a record $407,600. First-time buyers accounted for 27% of U.S. sales last month, down from 31% a year ago, and underscoring the affordability challenges that have been pricing many Americans out of the market.Read More: Cash sales represented 25% of all transactions in May, up from 23% in the same month last year. Investors, who typically buy in cash and are therefore less sensitive to mortgage rates, made up 16% of the market.
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