U.S. housing market
Coverage of U.S. housing market in the Nexus archive.
- US home sales surge to the fastest pace this year despite rising mortgage rates and prices
Existing U.S. home sales rose 3.2% in May to a 4.17 million annual rate, exceeding expectations despite higher mortgage rates. The median home price hit a record $429,300, while affordability improved due to slower price growth relative to incomes. Sales increased in the Midwest, South, and West but declined in the Northeast.
- US home sales surge to the fastest pace this year despite rising mortgage rates and prices
Sales of previously occupied U.S. homes surged in May to a seasonally adjusted annual rate of 4.17 million units, the fastest pace since December, despite rising mortgage rates. The National Association of Realtors reported a 3.2% monthly increase and a 3.2% annual rise, with home prices climbing 1.3% year-over-year to $429,300.
- Average US long-term mortgage rate falls to 6.48%, retreating from its highest level in 9 months
The average U.S. 30-year fixed mortgage rate fell to 6.48% this week, easing from a nine-month high of 6.53%, according to Freddie Mac. Rates remain below 6.85% from a year ago but are still above 6%, with recent increases linked to higher oil prices due to the war with Iran, which has elevated inflation and bond yields. The decline offers some relief to homebuyers but has not reversed a housing slump that began in 2022.