US Home Sales Drop as Median Prices Surpass $400,000 for First Time
U.S. home sales fell for the fourth consecutive month in May, as high demand continues to drive up real estate prices to unprecedented highs, according to new data from the National Association of Realtors.
The Association released its monthly report on Tuesday, reflecting the unusual dynamics of the real estate market this summer.
The report reveals that home sales fell by 3.4 percent last month to a two-year low of 5.41 million units sold, the lowest level since June 2020. The report saw new momentum in the real estate market in the Northeast, which reported a higher number of sales, but this was offset by lower home sales in the South, Midwest, and West regions….
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