WASHINGTON — U.S. existing home sales slipped 0.4
The National Association of Realtors said Wednesday that homes sold at a seasonally adjusted annual pace of 5.43 million in May, the second straight monthly decline. Sales have tumbled 3
The housing market is caught in a vice grip of fewer sales listings and rising mortgage rates, both of which have made home ownership less affordable for many Americans.
The number of sales listings has dropped 6.1
Because of declining inventories, sales of homes worth less than $250,000 have declined over the past year. But in a sign of greater income inequality, sales of homes worth more than $1 million have surged 14.4
Adding to the pressure are rising mortgage rates. The average interest charged on a 30-year, fixed rate mortgage was 4.62
Higher mortgage rates have the risk of further suppressing sales listings, even if the higher home values encourage some people to list their properties. The Realtors found that 15
Sales rose in the Northeast in May. But sales fell in the Midwest, South and West.
Josh Boak, The Associated Press