Existing home sales marginally increased in May, but were still down significantly from a year prior, according to the latest report from the National Association of Realtors (NAR).

Total existing home sales rose 0.2% from April to a seasonally adjusted annual rate of 4.30 million in May. Year-over-year, sales dropped 20.4% from 5.40 million in May 2022.

Home sales have been dropping on an annual basis since the Federal Reserve began hiking the benchmark rate in spring of 2022. Mortgage rates have settled into details ⇒

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