The median home price topped $350,000 for the first time in May as a shortage of properties and low interest rates drove double-digit monthly increases this spring.
The sharp increase in existing-home prices kept more buyers on the sidelines, contributing to the fourth straight month of declining sales of previously owned homes, the National Association of Realtors said Tuesday. Existing-home sales fell 0.9% in May from April to a seasonally adjusted annual rate of 5.8 million. May sales rose 44.6% from a year earlier, when home sales dropped due to Covid-related lockdowns.
The median existing-home price rose 23.6% in May from a year earlier to $350,300, a record high, NAR said. The annual price appreciation was the strongest in data going back to 1999. Median sales prices have climbed sharply since rising above $300,000 for the first time last July.
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