Home Sales Slump to 16-Year Low in May | JQJO

Existing home sales in May reached their slowest pace since 2009, declining 0.7% year-over-year, according to the National Association of Realtors. Chief Economist Lawrence Yun attributes the sluggish sales to affordability issues, with median home prices up 52% since 2019 compared to a 30% wage increase. While inventory is up, buyer hesitancy due to high mortgage rates and economic uncertainty persists. Despite slower growth, home prices remain elevated, increasing 1.3% year-over-year, the slowest pace since June 2023. Condo sales fared even worse, dropping 10% year-over-year.