Overview
- The National Association of Realtors said Tuesday that existing-home sales rose 3.2% in May to a seasonally adjusted annual rate of 4.17 million, the fastest pace since December.
- Redfin reported total home sales climbed 3.8% month to month in May to 308,446, the highest level since October 2022, and said new listings and overall inventory rose to multi-year highs.
- Freddie Mac data show the 30-year fixed mortgage rate fell in April to about 6.23% before reaccelerating in May to roughly 6.53%, a swing that helped trigger the short rebound and now threatens it.
- The U.S. median existing-home sales price rose 1.3% year over year in May to $429,300 while a majority of homes still sold below their original asking price even as that share has fallen for six months.
- Market gains were uneven across metros with big year-over-year jumps in Bay Area cities and West Palm Beach and sharp declines in Detroit, New York and Providence, leaving affordability and momentum sensitive to future rate or global shocks.