Know The Difference Minute

Sales of existing homes in dropped 3.4% in May according to the National Association of Realtors, the weakest reading since June 2020.

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Housing. Bad news. Good news.
Welcome to the Know the Difference Minute for Tuesday, June 21st.
Sales of existing homes in dropped 3.4% in May according to the National Association of Realtors, the weakest reading since June 2020.
Mortgage rates get most of the blame. May sales reflect March and April contracts when 30-year rates were between 4 and 5.5%. Now, rates are around 6%. Homes-for-sale bumped up by nearly 13% in May but still lower than a year ago. At the current sales pace, there is a 2.6-month supply of homes.
May’s median home price is now $407,600, up 14.8% from a year ago. That is the highest price on record since tracking began in the late 80s.
Houses sell quickly, average home goes in 16 days. All-cash offers make up 25% of sales. Investors are buying 16% of homes on the market.
I’m Dave Spano from Annex Wealth Management. That is your Know the Difference Minute.