- June 22, 2021
- Posted by: Stratford Team
- Category: Business
Zillow President Susan Daimler argues the hot housing market ‘feels really sustainable’ as pandemic ‘reshuffling’ continues and more millennial buyers age into the market.
Existing-home sales fell for a fourth straight month in May as prices grew by the most on record.
The number of contracts closed slipped 0.9% in May to a seasonally adjusted annual rate of 5.8 million from 5.85 million in April, according to the National Association of Realtors. Analysts surveyed by Refintiv had expected 5.72 million contracts closed.
“Home sales fell moderately in May and are now approaching pre-pandemic activity,” said Lawrence Yun, NAR’s chief economist. “Lack of inventory continues to be the overwhelming factor holding back home sales, but falling affordability is simply squeezing some first-time buyers out of the market.
The decline in contracts in May closed came as the median existing-home price surged by a record 23.6% year over year to $350,300….
