Sales of existing homes in the United States fell for the third consecutive month in May, reaching a seasonally adjusted annual rate of 4.11 million units. This represents a 0.7% decline from April and a 2.8% decrease from the previous year. Despite the decline in sales, the median home price surged to a record high of $419,300, marking a 5.8% increase year-over-year. The rise in home prices is attributed to continued tight inventory and higher mortgage rates, which have sidelined many potential buyers. The market saw an increase in all-cash transactions, with 28% of homes purchased without financing. The challenging affordability conditions have resulted in a significant drop in pending home sales, which posted their biggest decline since March.
"Home Prices Hit a Record High" via @WSJ https://t.co/Rm8GKmnf5m
Sales of previously occupied U.S. homes fell in May for the third straight month as rising mortgage rates and record-high prices discouraged many prospective homebuyers during what's traditionally the housing market’s busiest period of the year. https://t.co/hFfippvwMe
Existing home sales in May were essentially flat. CNBC’s Diana Olick reports on the latest housing data. #NAREHS WATCH: https://t.co/UtwO7LGzMz
Home price national average is now $420K. This is about 300% higher than only about 5-6 years ago. Wages have risen by like 2%. How is common man gonna buy a home anymore? I predict the U.S. banks will launch a 100 year mortgage in next 2 years at 4.69% APR.
Home price national average is now $420K. This is about 3 times higher than only about 5-6 years ago. Wages have risen by like 2%. How is common man gonna buy a home anymore? I predict the U.S. banks will launch a 100 year mortgage in next 2 years at 4.69% APR.
Nationwide, pending home sales fell 3.8%, the biggest year-over-year decline in nearly four months 👉 https://t.co/jA1n7y46C2 #realestate Pending sales fell most YoY in: 1. Houston, -15% 2. West Palm Beach, -13% 3. Miami, -12% 4. New Brunswick, -11% 5. Atlanta, -11% https://t.co/P7GtIThT4N
Home prices reach a record high in May. ABC News’ business correspondent @AlexisTVNews reports on the record high home prices despite falling demand from homebuyers. https://t.co/mpTE4gSrgY https://t.co/qX8TdtSXd1
BUYING A HOME IN THE US HAS NEVER BEEN THIS HARD (MSN) The price of rented accommodation in the United States is up 26% since the early 2020s. The number of tenants with unaffordable rents and utilities — those paying 30% or more of their income — is at an all-time high. Half of… https://t.co/ibcNl4apLV
First-time buyers represented 31% of buyers, down from 33% in April 2024 but up from 28% in May 2023. 28% of buyers had all-cash sales, flat from one month ago but up from 25% one year ago. https://t.co/I6os6pmQnO https://t.co/4u6sviRvLR
US Existing-Home Sales Fall a Third Month as Prices Set a Record - Bloomberg #realestate #housing https://t.co/mkBpptKwe7
US existing home sales fall as prices hit record https://t.co/bSYTmRp43F
congrats everyone on the new highs in UNaffordability Home prices hit record high in May as sales stall https://t.co/O5XrFwfErW
Existing home sales fell 0.7% MoM to 4.11 million. YoY sales have fallen in 32 of the last 33 months. The median sales price, meanwhile, rose to a record $419,300 (+5.8% YoY) and has increased YoY for 11 straight months https://t.co/fLQ9WfDUZ4
Existing home sales fell 0.7% MoM to 4.11 million. YoY sales have fallen in 32 of the last 33 months. The median sales price, meanwhile, rose to a record $419,300 (+5.8% YoY) and has increased YoY for 11 straight months. @KoyfinCharts https://t.co/6LblfWlbAK
🇺🇸 US Services Activity Expands by Most in More Than Two Years - Bloomberg https://t.co/4dhn94pBhz https://t.co/XcBb2KllQL
U.S. economy flexes muscles in June, S&P finds, and poised for ‘robust end’ to second quarter https://t.co/uyuJs3OMMC
US home sales fall for the 3rd straight month in May amid rising mortgage rates, record-high prices https://t.co/qZ7xETNVun
Home prices hit an all-time high, despite sluggish spring home-buying season https://t.co/He883KZkWq
Home prices jump to record high, widening the divide in the housing market between current owners and would-be buyers. https://t.co/DGWoKOe2NE
"The median existing home price surged 5.8% from a year earlier to an all-time high of $419,300. The percentage increase was the largest since October 2022. Most of the homes sold last month cost $750,000 or more." All-cash sales made up 28% of transactions.… https://t.co/r84Sn5h4cd
National median existing home price in May was *record high* $419,300… Was $270,400 in Feb 2020, prior to Covid. Current avg rate on 30yr mortgage = 6.87%. Feb 2020 = 3.5% Brutal change in home buying dynamics. In 4yrs. Look at that chart. via @NicoleFriedman https://t.co/gDIxy8cWOQ
Nation’s Housing 2024 reports jump in rent & home prices since 2020. • Rents up 26% • Home prices up 47% Cause ➡️ lack of new inventory. Thx to Jerome Powell’s interest rate hikes, construction starts decline creating more shortage. When home prices go down investors will…
"Prices for existing homes rose to $419,300 in May, and sales slipped for third month in a row." WSJ https://t.co/YUEG1zwT4f
The median sale price for an existing home in the U.S. has grown to a whopping $419,300 — the highest since NAR began tracking the metric — following 11-consecutive months of price gains. https://t.co/nm09Ke7uDg
May 2024 brought 4.11 million in sales, a median sales price of $419,300, and 3.7 months of inventory. The median sales price is up 5.8% year-over-year, and inventory was up 0.6 months from May 2023. #NAREHS https://t.co/VlUzpixVbB https://t.co/nCyPWXPr0h
US Services Activity Just Expanded by Most in More Than Two Years https://t.co/V0EsXNKY3h
The average home now costs $419,300, a record high in American history. All while inventory is skyrocketing and rates are nearing 8%. Everything is fine. Perfectly fine. This is your cue to start a brand on Amazon to grow a second income stream outside of your 9-5. https://t.co/Ajf71vNZVp
Existing home sales decline in May as home prices reach record high https://t.co/BoiArg3L9C by @RebeccaChenP
Sales of previously occupied U.S. homes fell in May for the third straight month as rising mortgage rates and record-high prices discouraged many prospective homebuyers during what's traditionally the housing market's busiest period of the year. https://t.co/grZeXWZIGR
As the cost of homes continues to jump, new research has found those price tags far outweigh the average household income in many areas. https://t.co/iM6eNn1oSY
Home Sales Sag Further, Hit by Mortgage Rates. Price Cuts & Active Listings Surge. Median Price Skewed by Surge in High-End Sales. Sales in the mid- and lower range swoon as many people who need a mortgage seem to be waiting for lower rates https://t.co/AwcH7gsapG https://t.co/KaKSNzp72V
U.S. existing home sales at a 30-year low, but metro Denver holding its own https://t.co/9cRsiPzRQe
U.S. existing home sales have reached their lowest levels in nearly 30 years, despite a surge of millennials entering their prime homebuying years, and activity likely won’t bounce back until interest rates start coming down. https://t.co/5z6YOiw0AZ
Higher mortgage rates have coincided with a bigger market share for all-cash buyers, according to @ParclLabs The reason? When someone sells and plans to buy again, many are choosing to roll their equity into the next house rather than borrow at 7% rates. https://t.co/pKN8Fi0WJi https://t.co/VelfW88Dux
WATCH: Euro zone business growth slowed sharply in June as demand fell for the first time since February, a survey found. The disappointing data came despite the European Central Bank delivering interest rate cuts earlier this month https://t.co/W3E0BFyKEG https://t.co/yqMAzIQMwb
US business activity inches up in June; price pressures abating https://t.co/rNiwf8KAkh https://t.co/Dtg6VtjLTW
Despite the pullback in sales, home prices climbed compared with a year earlier for the 11th month in a row. https://t.co/LOY1Xdgc0O
Euro zone business growth slowed sharply in June as demand fell for the first time since February, a survey found. The disappointing data came despite the European Central Bank delivering interest rate cuts earlier this month https://t.co/wJ0rGNPVls https://t.co/Cp7sVI0423
Pending sales posted their biggest decline since the beginning of March as some buyers step aside due to high prices and a lack of new listings. https://t.co/dvlBY2dyZg
Pending sales posted their biggest decline since the beginning of March as some buyers step aside due to high prices and a lack of new listings. The irony is enough buyers have backed off to give those who remain more negotiating power for certain homes. #housing
Sales of previously owned homes are sitting at a 30-year low and didn’t move much in May as mortgage rates remain high. The median price of an existing home sold in May was $419,300, a record-high price in the Realtors’ recording. https://t.co/TZaJmSrw0k https://t.co/5VLQAMc49y
Existing home sales in the United States edged lower in May as prices reached a record high on continued tight inventory, according to industry data published on Friday. https://t.co/46gLlCyKaF
Home prices hit record highs while interest rates were brushing 7%. Housing affordability matters less to the 28% of buyers who paid cash for their home. For high income first-time buyers they stood a chance in the market as lower income buyers retreated. https://t.co/CF26RU5OJv
German flash PMI indicates economy barely growing in Jun as service sector growth slows and manufacturing contraction worsens; employment fell slightly as business expectations also declined; inflation rose and remains well above historic levels: https://t.co/ke3L1eKKZW
The national median existing-home price in May was $419,300 That was up 5.8% from a year earlier Just 14% of consumers surveyed by Fannie Mae in May said it was a good time to buy a home About 28% of existing homes sold in May were purchased in cash, up from 25% a year earlier… https://t.co/aTKHYYhMk5
Eurozone Jun flash PMI is below expectations, w/ major indicators all hitting multi-month lows; manufacturing remains firmly in contraction territory as service sector slows and overall output growth shrinks; new orders are back in the red while employment barely budged higher: https://t.co/e7wg4U8wbj
US Private Sector Activity Exceeds Estimates, Fastest Growth In 2 Years – Will The Fed Welcome The Data? • Composite PMI increased to 54.6 in June, the highest since April 2022, S&P Global revealed.
Home prices hit a record last month, while sales slipped a bit, the National Association of Realtors said Friday. https://t.co/r3wRgeEQY6
Today's #Economic Indicators Results S&P Manufacturing PMI: 51.7 vs 51.0 est.🟢 S&P Services PMI: 55.1 vs 54.0 est.🟢 Leading Indicators: -0.5% vs -0.3% est.🔴 Existing Home Sales: 4.11m vs 4.10m est.🟢
Struggling to buy a home? You’re not alone: 98% of Metropolitan areas have seen home-price-to-income ratios rise between 1990 and 2023. https://t.co/jHMKiDDZME https://t.co/6TGeQmMjYg
Private sector growth in the UK slams on the brakes in Jun as service sector growth evaporates, even as manufacturing accelerates; overall, employment increased but inflation is picking up again and business confidence turned down noticeably: https://t.co/cCf4EZ8sMt
S&P Global: flash PMI shows US rebounding in Jun w/ output growth at 26-month high and price increases cool, though remain above pre-pandemic rates; optimism and employment both rose: https://t.co/RFkgnV1FWL
The supply of available homes rose to 1.6 million in April, up 13.7% from the same time last year, per Redfin. Meanwhile, the number of newly listed homes for sale rose to 621,000, up 17.4% from last year.
Home sales drop for third straight month as prices hit record high https://t.co/SfsXEjWGcW https://t.co/eJu0Gx8z18
Canada April retail sales up 0.7%, a drop likely for May https://t.co/9FcQcsGNK4 https://t.co/gqvrhsUycI
A recent analysis by Zillow reveals that the housing market has become increasingly inaccessible for many Americans. https://t.co/7TqNrU8529
🔵 US EXISTING HOME SALES FALL IN MAY AS PRICES HIT RECORD HIGH, MORTGAGE RATES RISE U.S. existing home sales fell for a third straight month in May as record high prices and a resurgence in mortgage rates sidelined potential buyers from the market. Full Story via Reuters on…
Euro area bounce proved short-lived as PMIs weaken yet again. Flash Eurozone Composite PMI Output Index at 50.8 (May: 52.2). 3-month low. Services PMI at 52.6 (May: 53.2). 3-month low. Manufacturing PMI Output at 46.0 (May: 49.3). 6-month low. https://t.co/oByGqgZj39
U.S. business activity crept up to a 26-month high in June amid a rebound in employment, but price pressures subsided considerably, offering hope that a recent slowdown in inflation was likely to be sustained. https://t.co/UzW9LuPOHy
⚠️ JUST IN: *U.S. HOME PRICES HIT A NEW ALL-TIME HIGH IN MAY 🇺🇸🇺🇸 https://t.co/rD82vr8jbG
Americans being priced out of housing market, study finds https://t.co/Jvu3HPGcV9
The US Service PMI rises to a 26 month high! https://t.co/l794fJuy6N
NAR: Existing-Home Sales Decreased to 4.11 million SAAR in May; Median House Prices Increased 5.8% Year-over-Year https://t.co/secmpnBl3X https://t.co/UBV64zvoEP
US Existing Home Sales fell 3% over the last year, the 33rd consecutive YoY decline. That's the longest down streak in activity since 2006-2009. https://t.co/l5IYmkeySJ https://t.co/FsL9yr01rD
S&P Global U.S. Composite PMI still consistent with relatively healthy GDP growth @SPGlobalPMI https://t.co/uOIOktX1UT
Preliminary June PMI Readings Mnfg: 51.7 vs 51 est; 51.3 prior. Services: 55.1 vs 53.7 est; 54.8 prior. Composite: 54.6; 54.5 prior. CB Leading Indicators: -0.5% vs -0.3% est; -06% prior.
Existing single-family home median price rose to a new all-time high in May ... year/year change up to +5.7% https://t.co/Wedql3g4oh
Existing home sales per @NAR_Research dipped to a SAAR of 4.11 million in May, down 0.7% from April & 2.8% from last year, reflecting higher mortgage rates in March & April. Lower demand & still low supply pushed prices up 5.8% to $419,300, a new high. https://t.co/tvqorXrR1q https://t.co/nZv8OYYVS7
Leading Economic Index from @Conferenceboard fell in May by 0.5% month/month vs. -0.3% est. & +0.6% in prior month https://t.co/eZOIpC0Zdt
May existing home sales -0.7% month/month vs. -1% est. & -1.9% prior … median sales price increased by 5.% year/year to $419,300; supply of homes increased by 18.5% m/m https://t.co/mLhbCXwqlH
Are we still waiting for OER to Fall???? Existing-Home Sales Edged Lower by 0.7% in May as Median Sales Price Reached Record High of $419,300 https://t.co/pL8yajaa7P
NAR: Existing-Home Sales Decreased to 4.11 million SAAR in May https://t.co/88DtR0Je6Z https://t.co/sn31heK9La
On the latest US data releases: Powered by the jump in the orders component, the just-released metric of services edged higher and pushed the aggregate measure (including manufacturing) to a 26 month high. Meanwhile, US house prices rose again in the context of relatively low…
Sales of existing homes in the US fell for a third straight month in May while prices set another record, underscoring persistent affordability challenges that hobbled the important spring selling season. https://t.co/gGml8QtTok
Despite low affordability, a limited supply of homes for sale and cash buyers who aren’t sensitive to mortgage rates are keeping the housing market competitive in some parts of the country https://t.co/lzy4cjzBHZ
Existing-Home Sales Sag as Prices Reach a Record https://t.co/bqtnCD9Qki
U.S. economy flexes muscles in June, S&P finds, as businesses are optimistic https://t.co/0BELlVMczv
Existing Home Sales: https://t.co/boXyjUPHxV
US EXISTING HOME SALES MAY REPORT https://t.co/Sjq4N6WkHD
US leading index for May -0.5% versus -0.3% estimate https://t.co/RLJURqxYJC
While the recent rise in listings likely means many homeowners are no longer willing to delay moving, the lack of affordability is expected to remain the primary constraint on home sales in the near future. Read more in our latest economic and housing outlook:… https://t.co/Nlq9psILcT
US MAY LEADING INDICATOR FALLS 0.5% MoM; (EST. -0.3%)
US Leading Index (M/M) May: -0.5% est -0.3%; prev -0.6%)
US Existing Home Sales May: 4.11M (est 4.10M; prev 4.14M) - Existing Home Sales (M/M): -0.7% (est -1.0%; prev -1.9%) - Median Home Price For Existing Homes (USD): 419.3K or +5.8% (prev 407.6K or +5.7% From Apr 2023)
US EXISTING HOME SALES CHANGE ACTUAL -0.7% (FORECAST -0.97%, PREVIOUS -1.9%) $MACRO
US LEADING INDEX CHANGE MOM ACTUAL -0.5% (FORECAST -0.3%, PREVIOUS -0.6%) $MACRO
🔴 US EXISTING HOME SALES ACTUAL 4.11M (FORECAST 4.1M, PREVIOUS 4.14M) $MACRO
Existing home sales 4.11MM, Exp. 4.10MM, Last 4.14MM
US May existing home sales 4.11m vs 4.10m expected https://t.co/6RsfSFr9S4
US LEADING INDEX (MOM) (MAY) ACTUAL: -0.5% VS -0.6% PREVIOUS; EST -0.4%
WATCH: Euro zone business growth slowed sharply this month as demand fell for the first time since February, a survey found, with the bloc's services industry showing some signs of weakening while the downturn in manufacturing took a turn for the worse https://t.co/W3E0BFziue https://t.co/kE0Pe4PRdX
US services activity picked up marginally early this month to the fastest pace in more than two years while the outlook improved on cooler price pressures and prospects for lower borrowing costs. https://t.co/wuJzK1eg6d
US PMIs Surprisingly Surge Despite Plummeting 'Hard Data', EU PMIs Slump https://t.co/PQI8mRyO39
Flash #PMI for June offers a brighter picture of US economic conditions, as output growth hits a 26-month high and price pressures cool (https://t.co/OrkzQt86FP) https://t.co/dY1OAHoN8N
Bond yields spike on strong PMI data across the board. . Services PMI 55.1 vs 54 expectations. Equities getting hit a bit.
S&P US Mfg PMI 51.7 vs est 51.0 (better than exp) S&P US Svc PMI 55.1 vs est 54.0 (better than exp) S&P US Composite PMI 54.6 vs est 53.5 (better than exp) Good economic news is bad news for stocks
Service PMI prints above highest estimate https://t.co/e6oDPFkcnP
US PMI Composite Output Index at 54.6 (May: 54.5). 26-month high.
Growth in the UK private sector economy slowed over the past month as businesses and households put off spending until after the general election, a closely watched survey showed ⬇️ https://t.co/cPrgzCVE1p
Service PMI best since May 2023 https://t.co/JIl3uGkofH
PMI Mfg 51.7, Exp. 51.0 PMI Services 55.1, Exp. 54.0
Eurozone PMIs falling apart https://t.co/lgFy7iu6iu https://t.co/5GMy74EyRP
Euro zone business growth slowed sharply this month as demand fell for the first time since February, a survey found, with the bloc's services industry showing some signs of weakening while the downturn in manufacturing took a turn for the worse https://t.co/wJ0rGNPVls https://t.co/oMLsM02HaK
PHL Fed: manufacturing growth all but evaporates for Jun while inflation accelerates; employment and new orders declined at a slower pace; future indicators remained positive but fell significantly from May's robust expectations - seems awfully stagflationary... https://t.co/obB3fos41R
Canada's annual Producer Price Index ($PPI) rose to 1.8%, surpassing forecasts and exceeding the previous 1.4%. #Canada #PPI #EconomicNews
Election uncertainty pushes UK business growth to 7-month low https://t.co/V8EQZ09bbY https://t.co/0hVVbRvw8V
Cdn consumers still consuming. Core retail sales up 1.4% in April. Retail sales increased 0.7% to $66.8 billion in April. Sales were up in seven of nine subsectors and were led by increases at gasoline stations and fuel vendors as well as food and beverage retailers. https://t.co/uCZeuQIK5X
CANADA RMPI (MOM) (MAY) ACTUAL: -1.0% VS 5.5% PREVIOUS; EST -0.6% CANADA RMPI (YOY) (MAY) ACTUAL: 7.6% VS 3.1% PREVIOUS CANADA IPPI (MOM) (MAY) ACTUAL: 0.0% VS 1.5% PREVIOUS; EST 0.4% CANADA IPPI (YOY) (MAY) ACTUAL: 1.8% VS 1.4% PREVIOUS @MtlExchange
#EuropeanMarkets trend lower with disappointing PMI data from France and Germany, yet the UK shows slight resilience in Manufacturing PMI. #ECB rate cut speculation grows as economic indicators underperform.
Canadian Producer Prices YY* (May) 1.8% (Prev. 1.4%, Rev. 1.3%) Canadian Raw Materials Prices MM* (May) -1.0% (Prev. 5.5%, Rev. 5.3%) Canadian Raw Materials Prices YY* (May) 7.6% (Prev. 3.1%, Rev. 2.9%)
CANADIAN PPI MAY 2024 REPORT https://t.co/eQHZx0UW3P
Canadian producer price index for the month remained unchanged at 0%, falling short of the forecast of 0.35% and lower than the previous 1.5%. #Canada #ProducerPriceIndex #EconomicData $PPI
CANADIAN PPI YOY ACTUAL 1.8% (FORECAST -, PREVIOUS 1.4%) $MACRO
🇨🇦 Canada IPPI (YoY) (May) $CAD Actual: 1.8% Previous: 1.3%
Euro-Zone Activity Slows on French Vote Risk, Factory Slump https://t.co/s3SrkjHOMH https://t.co/scWoiQeBNF
Total permits for new housing units fell in May to lowest annualized rate since Jun '20, when much of the economy was subject to gov't-imposed lockdowns; this isn't a crash (at least not yet), but it's a bad omen... https://t.co/SZtYDx19cm
Housing starts declined in May and have settled below pre-pandemic annualized rates; given the forecasts for prices and interest rates, things look increasingly bleak for the industry; consumers simply can't keep up w/ shelter cost growth: https://t.co/odbOkMXrPZ
The National Association of Realtors® will release Existing-Home Sales data for May 2024 today at 10 a.m. Eastern. @NAR_Research #NAREHS
🏡The May reading of Existing Home Sales is due out at 9:00am CDT, it is expected to be 4.10 million units on an annualized basis, or -1.0% month on month. Also due out at 9:00am is the May reading of the Leading Economic Indicators, which is forecast to be -0.3%.