Home sales just posted their slowest May in 16 years
Summary
Home sales in the U.S. had their slowest May since 2009. Although there was a slight month-to-month improvement from April, sales are still much lower than pre-COVID levels due to high home prices and increased monthly payments. More homes are available for sale now, but the market still has more sellers than buyers, especially for condos.Key Facts
- May 2025 marked the slowest month for existing home sales since 2009.
- Sales dropped 0.7% compared to May 2024 but rose 0.8% from April 2025.
- Home prices have increased by 52% since May 2019, while wages have risen by 30%.
- Monthly payments for a median-priced home have doubled since before COVID-19.
- The number of homes for sale increased by over 20% compared to the previous year.
- There are 34% more home sellers than buyers in the market, according to Redfin.
- Condo sales fell by 10% year-over-year, with 83% more condo sellers than buyers.
- The Federal Reserve kept interest rates steady but suggested possible cuts later in 2025.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.