Existing Home Sales Edge Higher in May
Existing home sales in May rose slightly by 0.8% to an annual rate of 4.03 million, but still hovered near historic lows—the slowest May pace since 2009. Elevated mortgage rates between 6.5% and 7%, combined with high home prices, continue to discourage buyers despite more inventory. With rates expected to stay above 6% through 2025, home sales are likely to stay subdued.
