Near a house will be exhibited near a house on April 24, 2025 in Austin, Texas.
Brandon Bell | Getty Images News | Getty pictures
According to the National Association of Realors, sales of previously owned houses in May in May 0.8% to April increased to a seasonal rate of 4.03 million units.
Housing analysts had predicted a decline of 1%. Sales were 0.7% lower than in May last year.
Sales were the most in the northeast and 4.2% per month. They also rose in the middle west and south, but they fell back in the west by 5.4%. According to Nar, the West is the most expensive region in the country.
This count is based on closings, so the contracts were probably signed in March and April. The average interest rate for the 30-year-old festival mortgage was constant in March, but shot over 7%in April.
“The relatively caught turnover is mainly due to persistently high mortgage interest. Lower interest rates will attract more buyers and sellers to the housing market,” said Lawrence Yun, the chief economist from Nar, in an release. “If the mortgage interest rates fall in the second half of this year, they expect the turnover of homes across the country to increase due to strong income growth, healthy inventory and a record number of jobs.”
A large increase in the surcharge of houses for sale was probably behind the small sales gain from April. At the end of May, 1.54 million units were available, which rose by over 20% from May last year. In the current pace of sales, this corresponds to a 4.6-month offer that is still historically on the easy side.
And that's why there is still pressure on prices. The median price of an existing house sold in May was $ 422,800, which rose by 1.3% of the previous year compared to the previous year. This is a record high for May.
The demand is still strong compared to the supply; As a result, 28% of the houses sold above the list price, compared to 18% of the last month, decreased easily from 30% in May 2024.
The turnover was stronger at the top of the market because there is more offer there, but has dropped over $ 1 million compared to one year. The only price range in which they rose was in the range of 750,000 to 1 million US dollars, which was a relatively low increase of 1%, said Nar.
“The upper market shows no difference in relation to other price points. In the past 20 months we have exceeded the upper end, but that is no longer the case,” said Yun, indicated, which indicates that it is the residual effect of the stock market marketing volatility than the tariffs were first announced in April.
Houses last longer before it is sold 24 days ago 24 days ago. Only 30% of the buyers were the first timers, compared to 31% last year and still quite low, and 27% of all transactions were allcash, an increase compared to the previous year.