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Jun 21, 2024 | blog

The value of shopping for a house reached a brand new file excessive in May, making homeownership much more of a problem for would-be consumers.

The median gross sales worth for beforehand owned properties jumped to $419,300 — a 5.8% bump from May final yr — and marked the eleventh consecutive month of year-over-year worth features, in accordance the National Association of Realtors. It’s the very best worth ever recorded.

The bounce in costs was extra pronounced in some areas. In the Northeast, the median worth rose to $479,200, a 9.2% acquire from a yr in the past, whereas within the Midwest, the median worth climbed to $317,100, a 6.4% surge from the prior yr.

Sales of beforehand owned properties dropped 0.7% in May from the prior month to a seasonally adjusted annual price of 4.11 million and a couple of.8% decrease from a yr in the past.

“Eventually, more inventory will help boost home sales and tame home price gains in the upcoming months,” NAR Chief Economist Lawrence Yun stated in an announcement. “Increased housing supply spells good news for consumers who want to see more properties before making purchasing decisions.”

The drop in gross sales comes as mortgage charges stay elevated. The common weekly price on the 30-year fastened mortgage slid to six.87% from 6.95% per week prior, per Freddie Mac information.

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