In nearly a decade, the median price of existing homes reached an all-time high and hit their highest pace last month!!
The National Association of Realtors® (NAR) said completed sales of single-family homes, condominiums, and cooperative apartments rose by 1.8 percent from April to a seasonally adjusted annual rate of 5.53 million units, the highest annual rate since sales set a 5.79 million pace in February 2007. April sales were revised down to 5.43 million from 5.45 million.
According to the May home sales report:
Throughout the different regions in the US, existing home sales have increased when compared to a year ago.
However, while the market remains hot and prices reach milestone highs, we are still seeing low rates of homeownership among young adults. According to a survey conducted by NAR, high levels of student debt may be a partial cause of low ownership rates and the continuing low share of first-time buyers among the younger population.
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