Chicago's NAR says existing home sales tumble as supply restrain, record prices weigh
by SOURAV D | VIEW 1370
On Tuesday, the National Association of Realtors (NAR), an American real estate trade association having had more than 1.3 million members, said in a monthly report that US home sales had been slumped for a fourth straight month in a row in May as a double-whammy of record-high prices alongside a decline in inventories that would likely to persist for a while in line with soaring timber prices, had been keeping prospective buyers at bay. In point of fact, a decline in US home sales last month was largely converged on single-family housing segment which had been largely benefitted from a pandemic-led rise in work-from-employees as millions of pandemic-wary Americans appeared to be seeking safety in countryside and suburbs following a steep rise in the cases on densely populated US cities last year.
US home sales slumped as higher prices, low supply weigh
According to Washington DC-based National Association of Realtor data released earlier on the day, US existing home sales declined 0.9 per cent to a seasonally adjusted 5.80 million units last month on an annualized basis, while the median prices of US existing house prices skyrocketed 23.6 per cent to a record $350,300 in May on a year-on-year basis.
Meanwhile, as a pandemic-led tailwind in a sharply weakening US housing market seemed to be waning, an economist at Zillow, Mathew Speakman said following the data, “It's becoming clear that record-high price growth and an enduring shortage of available homes are beginning to hinder would-be homebuyers.
Sales volume continues to struggle to regain the momentum it built late last year. ”