In May, U.S. home sales experienced the most significant decline in a year, down 11% year-over-year. Closed transactions totaled 341,477, representing a 15% decrease from the May average since 2005. The median selling price reached $367,000, surpassing previous highs. However, home price appreciation is declining, with only a 2% increase in the last year. Elevated mortgage rates, averaging 6.8% for a 30-year fixed loan, hinder potential buyers, leading to a typical house payment of $2,397 for median-priced homes.
U.S. home sales in May fell by 11% year-over-year, marking the largest annual decrease in a year, as economic uncertainty persists and mortgage rates remain elevated.
The median selling price for homes reached an all-time high of $367,000 in May, although the appreciation rate is significantly slower than in previous years.
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