May 2024 Market Update: U.S. Existing-Home Sales Decline Amid Rising Prices and Inventory
In May 2024, the U.S. housing market experienced a notable slowdown as existing-home sales fell for the second consecutive month. According to the National Association of REALTORS® (NAR), sales decreased by 1.9% both month-over-month and year-over-year, with all four regions of the country showing declines. This trend is primarily driven by higher borrowing costs and …