🧵 1. Home prices hit record high in May as sales stall. Existing home sales fell 2.8% from last year, with prices up 5.8%. Mortgage rates remain high. #finance
🧵 1. Home prices hit record high in May as sales stall. Existing home sales fell 2.8% from last year, with prices up 5.8%. Mortgage rates remain high. #finance
🧵 2. Lawrence Yun, chief economist at NAR, says "Home sales refuse to recover." Sales flat except in South where they fell 1.6%. Inventory up 6.7% month to month.
🧵 3. Inventory of homes for sale jumped 18.5% from last year. Supply at 3.7 months. Yun expects more inventory to boost sales and stabilize prices.
🧵 4. Median price of existing homes sold in May was $419,300, a record high. Prices up 5.8% year over year. Sales of homes over $1 million up 23%.
🧵 5. Cash makes up 28% of sales. First-time buyers are struggling as home prices and mortgage rates climb. Sales priced over $1 million up nearly 23%.
🧵 Read more at: https://www.cnbc.com/2024/06/21/home-prices-hit-record-high-in-may-as-sales-stall.html