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“Existing-home sales fell back for the second straight month in May, as only the Northeast region saw an uptick in activity,” said  the National Association of Realtors in its latest report.

Key quotes

  • Total existing-home sales decreased 0.4 percent to a seasonally adjusted annual rate of 5.43 million in May from downwardly revised 5.45 million in April.
  • With last month’s decline, sales are now 3.0 percent below a year ago and have fallen year-over-year for three straight months.
  • Incredibly low supply continues to be the primary impediment to more sales, but there’s no question the combination of higher prices and mortgage rates are pinching the budgets of prospective buyers, and ultimately keeping some from reaching the market.