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Average price for US homes hits record high in May despite rise in interest rates

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theguardian.com

The average US house price hit an all-time high of over $400,000 in May even as interest rate rises and high prices led to a fourth consecutive month of declining sales.Existing home sales fell 3.4% last month from April to a seasonally adjusted annual rate of 5.41m, the National Association of Realtors said on Tuesday.

Sales fell 8.6% from May last year, hitting a two-year low.After climbing to a 6.49m annual rate in January, sales have fallen to the slowest pace since June 2020, near the start of the pandemic, when they were running at an annualized rate of 4.77m homes.May’s sales were mostly closings on contracts signed one to two months ago before mortgage rates started accelerating amid a surge in inflation expectations and aggressive interest rate hikes from the Federal Reserve.But demand for homes still outstrips supply.

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