Print Edition - 2018-06-22  |  Money Digest

US home sales fell 0.4 percent in May

WASHINGTON

Jun 22, 2018-

US existing home sales slipped 0.4 percent in May, as the prolonged shortage of properties on the market is deterring home-buying. The National Association of Realtors said Wednesday that homes sold at a seasonally adjusted annual pace of 5.43 million in May, the second straight monthly decline. Sales have tumbled 3 percent over the past year, despite steady job growth that has boosted demand from would-be homebuyers as the unemployment rate has fallen to a multi-decade low of 3.8 percent. The housing market is caught in a vice grip of fewer sales listings and rising mortgage rates, both of which have made home ownership less affordable for many Americans. The number of sales listings has dropped 6.1 percent over the past year to 1.85 million. That forced would-be buyers to act quickly and sign contracts on average in just 26 days. (AP)

Published: 22-06-2018 08:54

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