Home sales have fallen to the slowest pace since June 2020, when 4.77 million homes were sold throughout the year, but that slow down has not stopped the soaring price of home ownership.
Home prices are setting new records even as real estate sales cool off, showing how hard it is for most people to buy a home in Biden’s economy. The National Association of Realtors (NAR) said Tuesday that the median sale price for a previously occupied home hit $407,600 in May.
That’s an almost 15% increase from the previous year and an all-time going back to 1999, according to the NAR.
At the same time, sales of existing homes slowed for the fourth consecutive month, with house-hunters feeling the pinch