US Home Sales Hit Decade Lows Amid Record Prices and High Mortgage Rates

May sees one of the lowest home sales in ten years as affordability plummets, despite signs of buyer interest and potential rate relief.

Home sales in May were among the lowest in a decade, with only October 2023 and May 2020 recording fewer sales.
Median home prices reached a record high of $439,716, rising 5.1% year-over-year.
High mortgage rates, hovering around 7%, have deterred both buyers and sellers.
Property touring activity increased by nearly 30% from the beginning of 2024, indicating renewed buyer interest.
Cooling inflation and potential rate reductions could offer some relief to homebuyers.