{"id":466204,"date":"2022-06-21T17:01:00","date_gmt":"2022-06-21T14:01:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/economic-report-u-s-existing-home-sales-fall-for-4th-straight-month-in-may-while-prices-skyrocket\/"},"modified":"2022-06-21T17:01:00","modified_gmt":"2022-06-21T14:01:00","slug":"economic-report-u-s-existing-home-sales-fall-for-4th-straight-month-in-may-while-prices-skyrocket","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/economic-report-u-s-existing-home-sales-fall-for-4th-straight-month-in-may-while-prices-skyrocket\/","title":{"rendered":"#Economic Report: U.S. existing home sales fall for 4th straight month in May while prices skyrocket"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a40f177b0151\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a40f177b0151\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/economic-report-u-s-existing-home-sales-fall-for-4th-straight-month-in-may-while-prices-skyrocket\/#%E2%80%9CEconomic_Report_US_existing_home_sales_fall_for_4th_straight_month_in_May_while_prices_skyrocket%E2%80%9D\" >&#8220;Economic Report: U.S. existing home sales fall for 4th straight month in May while prices skyrocket&#8221;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/economic-report-u-s-existing-home-sales-fall-for-4th-straight-month-in-may-while-prices-skyrocket\/#Median_home_sales_price_jumps_above_400000_for_first_time_ever\" >Median home sales price jumps above $400,000 for first time ever<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/economic-report-u-s-existing-home-sales-fall-for-4th-straight-month-in-may-while-prices-skyrocket\/#Aarthi_Swaminathan\" >Aarthi Swaminathan<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/economic-report-u-s-existing-home-sales-fall-for-4th-straight-month-in-may-while-prices-skyrocket\/#Greg_Robb\" >Greg Robb<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CEconomic_Report_US_existing_home_sales_fall_for_4th_straight_month_in_May_while_prices_skyrocket%E2%80%9D\"><\/span>&#8220;Economic Report: U.S. existing home sales fall for 4th straight month in May while prices skyrocket&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\"><span class=\"ez-toc-section\" id=\"Median_home_sales_price_jumps_above_400000_for_first_time_ever\"><\/span>\n  Median home sales price jumps above $400,000 for first time ever<br \/>\n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div class=\"article__side\">\n<div class=\"container--sticky not-active\">\n<div id=\"cx-next\" data-nosnippet>\n              <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0000967552\" role=\"document\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div data-layout=\"\n                inline\" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetArticleReader\n              \n              inline\n  article__inset\n          article__inset--type-InsetArticleReader\n              article__inset--inline\n  \"><\/p>\n<div class=\"media-object-article-reader\">\n<div class=\"audioplayer\" data-sbid=\"WP-MKTW-0000967552\" role=\"region\" aria-label=\"Listen to Article\" tabindex=\"-1\" id=\"articlereader\" data-show-title=\"false\" data-theme=\"wsj-article-reader\" data-show-header=\"false\" data-show-subscribe=\"false\" data-ads-enabled=\"true\" data-save-publication=\"false\">\n        <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>       <strong>The numbers: <\/strong>Existing-home sales fell 3.4% to a seasonally adjusted annual rate of 5.41 million in May, the National Association of Realtors said Tuesday. Compared with May 2021, home sales were down 8.6%.<\/p>\n<p> The decline was in line with the forecast of economists polled by the Wall Street Journal.\u00a0<\/p>\n<div class=\"paywall\">\n       This is the fourth straight monthly decline and comes as mortgage rates have spiked and prices have risen.<\/p>\n<p><strong>Key details: <\/strong>The <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>n price for an existing home rose to a record $407,600, up 14.8% from May 2021.\u00a0 It is the first time above the $400,000 level.<\/p>\n<p>The number of homes on the market rose 12.6% to 1.16 million units in May. This is still down 4.1% from one year ago.<\/p>\n<p>Expressed in terms of the months-supply metric, there was a 2.6-month supply of homes for sale in May, up from 2.2 months in April. Before the pandemic, a 4-month supply was more the norm.\u00a0<\/p>\n<p>Homes remained on the market only for 16 days on average, the fastest on record.<\/p>\n<p>Regionally, sales fell in all regions of the country except the Northeast.<\/p>\n<p>All-cash transactions made up 25% of all transactions, down from 26% in April. About 27% of homes were sold to first-time home buyers.<\/p>\n<p><strong>Big picture:<\/strong> The housing sector is starting to soften, after running red-hot during the coronavirus pandemic.<\/p>\n<div id=\"cx-membership-tile\"><\/div>\n<p>Borrowing costs are surging, making home ownership more expensive for would-be buyers. Not only did the Federal Reserve tighten monetary policy, mortgage rates are also surging. As of Thursday, the average rate for a 30-year fixed-rate mortgage was 5.78%, according to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/freddiemac.gcs-web.com\/news-releases\/news-release-details\/mortgage-rates-surge-inflation-expectations?_ga=2.257925577.314067027.1655765549-1821852584.1654538999\" class=\"icon none\">Freddie Mac<\/a>.\u00a0<\/p>\n<p>Meanwhile, construction on new homes plunged to a two-year low in the month of May, reflecting increasing wariness among homebuilders, economists said.<\/p>\n<p>The next few months of data will reflect the impact of higher mortgage rates, Richard Moody, chief economist at Regions Financial Corporation, said in a preview note. He added that he expects to see \u201cerosion in sales, and price pressures \u2026 [to] ease as listings sit on the market for longer periods of time.\u201d<\/p>\n<p><strong>What the realtors said: <\/strong>\u201cHome sales right now, after two years of gangbuster activity, is trending back down to pre-pandemic levels,\u201d said Lawrence Yun, chief economist at the NAR. \u201cI do anticipate further declines in home sales,\u201d he added, \u201cthe impact of higher mortgage rates have not been fully reflected in the data.\u201d<\/p>\n<p><strong>Market reaction:<\/strong> The Dow Jones Industrial Average<br \/>\n        DJIA,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210598065\/realtime\" class=\"positive\">+1.75%<\/bg-quote><br \/>\n       and the S&amp;P 500<br \/>\n        SPX,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210599714\/realtime\" class=\"positive\">+2.45%<\/bg-quote><br \/>\n       were both sharply higher in early morning trading on Tuesday. The yield on the 10-year Treasury note<br \/>\n        TMUBMUSD10Y,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.000%\" channel=\"\" class=\"\">3.294%<\/bg-quote><br \/>\n       rose to 3.27%.<\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>    <span>By<\/span><\/p>\n<div class=\"author mobile-scrim hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Aarthi Swaminathan\",\"subhead\":\"The Wall Street Journal\",\"list\":[{\"type\":\"link\",\"icon\":\"bio\",\"url\":\"https:\/\/www.marketwatch.com\/topics\/journalists\/aarthi-swaminathan\",\"text\":\"Biography\"},{\"type\":\"link\",\"icon\":\"twitter\",\"url\":\"https:\/\/twitter.com\/aarthiswami\",\"text\":\"@aarthiswami\"}]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Aarthi_Swaminathan\"><\/span>Aarthi Swaminathan<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><ufc-follow-author-widget product=\"marketwatch\" author-id=\"270_MW\" author-name=\"Aarthi Swaminathan and Greg Robb\" signin-url=\"https:\/\/accounts.marketwatch.com\/login?target=https%3A%2F%2Fwww.marketwatch.com%2Fstory%2Fu-s-existing-home-sales-fall-for-4th-straight-month-in-may-while-prices-skyrocket-11655820059%3Frss%3D1%26siteid%3Drss\" panda-api=\"https:\/\/follow-api.marketwatch.com\"><\/ufc-follow-author-widget><\/p><\/div>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"\",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><\/h4>\n<p> and\n          <\/p><\/div>\n<div class=\"author mobile-scrim hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Greg Robb\",\"subhead\":\"The Wall Street Journal\",\"list\":[{\"type\":\"link\",\"icon\":\"bio\",\"url\":\"https:\/\/www.marketwatch.com\/topics\/journalists\/greg-robb\",\"text\":\"Biography\"},{\"type\":\"link\",\"icon\":\"twitter\",\"url\":\"https:\/\/twitter.com\/grobb2000\",\"text\":\"@grobb2000\"},{\"type\":\"link\",\"icon\":\"email\",\"url\":\"http:\/\/www.marketwatch.com\/news\/mailto:grobb@marketwatch.com\",\"text\":\"grobb@marketwatch.com\"}]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Greg_Robb\"><\/span>Greg Robb<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><ufc-follow-author-widget product=\"marketwatch\" author-id=\"66_MW\" author-name=\"Aarthi Swaminathan and Greg Robb\" signin-url=\"https:\/\/accounts.marketwatch.com\/login?target=https%3A%2F%2Fwww.marketwatch.com%2Fstory%2Fu-s-existing-home-sales-fall-for-4th-straight-month-in-may-while-prices-skyrocket-11655820059%3Frss%3D1%26siteid%3Drss\" panda-api=\"https:\/\/follow-api.marketwatch.com\"><\/ufc-follow-author-widget><\/p><\/div>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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Compared with May 2021,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":466205,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.mktw.net\/im-258638\/social","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-466204","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/466204","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=466204"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/466204\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/466205"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=466204"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=466204"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=466204"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}