Existing US home sales rose 0.8% in May to a seasonally adjusted annual rate of 4.03 million units, the slowest pace for May since 2009. Despite a 1.3% annual increase in the median sales price to $422,800, high mortgage rates (around 6.81%) continue to hinder affordability. The inventory of unsold homes increased by 6.2% from April, reaching a 4.6-month supply, suggesting a shift towards a more balanced market. Higher interest rates and increased prices necessitate larger down payments, impacting first-time homebuyers significantly.

Prepared by Christopher Adams and reviewed by editorial team.