Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

U.S. Existing Home Sales Slide for Fourth Straight Month

Published 21/06/2022, 15:50
Updated 21/06/2022, 15:50
© Reuters.

© Reuters.

By Scott Kanowsky 

Investing.com -- Existing home sales in the U.S. dropped for a fourth straight month in May, falling to a seasonally adjusted annual rate of 5.41M units, according to data from the National Association of Realtors.

Sales declined by 3.4% compared to April and 8.6% on an yearly basis - the weakest reading since June 2020, but above analyst expectations of 5.39M.

"Further sales declines should be expected in the upcoming months given housing affordability challenges from the sharp rise in mortgage rates this year," said NAR Chief Economist Lawrence Yun.

Meanwhile, total housing inventory came in at 1.16M units, increasing on a monthly basis but declining by 4.1% compared to the same period last year. A recent dearth of supply, along with rising mortgage rates and growth in home prices, have combined to weigh on affordability in the U.S. real estate market.

Yun said Tuesday's data may suggest a cooling in the red-hot housing market, adding that home sales have "essentially returned to the levels seen in 2019 - prior to the pandemic."

The U.S. dollar index is slightly lower following the release of the data, trading down -0.38% at 104.30 as of 10:28 EST (1428 GMT).

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.