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Second-hand home sales in the USA are at the lowest level in 2 years!

Second-hand home sales in the USA fell to the lowest level since June 2020 with a monthly decrease of 3.4 percent in May, while median house prices rose to a record high, exceeding 400 thousand dollars for the first time.

Second-hand home sales in the USA are at the lowest level in 2 years!

National Association of Realtors (NAR) announced second-hand home sales data for May.

Accordingly, second-hand house sales in the country, seasonally adjusted, decreased by 3.4 percent on a monthly basis to 5.41 million in May. The second-hand house sales, which carried its decline to the fourth month, were expected to realize at the level of 5.39 million.

Second-hand house sales, which fell to the lowest level since June 2020, decreased by 2.6 percent to 5.6 million in April.

Second-hand house sales in the country decreased by 8.6 percent in May compared to the same month of the previous year.

Median house prices exceeded 400 thousand dollars for the first time

The median house prices in the second-hand market in the USA increased by 14.8 percent on an annual basis in May, rising to $ 407 thousand 600.

The median house prices, which exceeded $ 400 thousand for the first time in the second-hand market, reached a record level.

NAR Chief Economist Lawrence Yun, whose views were included in the statement, stated that house sales returned to the levels seen in 2019.

Pointing out that house sales may decline further in the coming months, given the difficulties arising from the sharp increase in mortgage (home loan) interest rates, Yun noted that affordable houses are being sold rapidly and the housing stock still needs to increase significantly.

According to data from US mortgage company Freddie Mac, the average interest rate for 30-year mortgages in the country hit 5.78 percent last week, the highest level since November 2008 and recorded the highest weekly increase since 1987. .

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