Home sales slowing, prices hit record
(KYMA, KECY/ CNN) - If you're looking to buy a new house, it's time to start saving up after US home prices hit a new record in May.
The National Association of Realtors says the median existing home price last month was $350,000, which is a 24% hike from May 2020 and it marks the 111th consecutive month of the year-over-year price gains.
Coincidentally, the rise in cost comes as home sales are falling. Lawrence Yun, the chief economist for the NAR, says high prices are preventing some first-time home buyers from signing the bottom line.
The midwest was the only region that saw rise in sales in May.
