High mortgage rates and rising prices continued to put a damper on the spring homebuying season last month.
by PAUL WISEMAN AP Economics WriterFILE - A housing development in Middlesex, Pa., is shown on March 29, 2024. The National Association of Realtors reports on existing home sales for April on Wednesday, May 22, 2024.
The median price of previously occupied homes rose 5.7% to $407,600 — the tenth straight increase and a record for April. The supply of homes rose 9% from March to 1.2 million — the fourth straight increase — but remains low: It was running at 1.7 million before the pandemic. Homeowners have hesitated to put their houses on the market partly because they don't want to give up existing mortgages at low interest rates and buy new homes at higher rates.
Mortgage Rates Prices Market Inventory Interest Rates National Association Of Realtors Seasonally Adjusted Annual Rate
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