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May Sales Rose; Market Still Sluggish

According to the Wall Street Journal, existing home sales were up 0.8% in May. This ends a two-month streak of declines.

Although sales of existing homes rose slightly in May, sales held near historically low levels. A sign that buyers are staying away because of high home prices.

Above 6.5% Interest rates, coupled with high home prices, are keeping buyers away.

The number of homes for sale is rising, but affordability remains a challenge compared with six years prior.

According to Zillow, “As buyers are gaining negotiating power, price growth is slowing. About one in four listings on Zillow got a price cut in May, the highest proportion for any May since at least 2018.”

Lawrence Yun, National Association of REALTORS® Chief Economist, states, “Consumers are not getting into the market. I would attribute that to the affordability challenge.”

Work With Michael

With decades of real estate expertise and deep roots in Hidden Hills and Woodland Hills, I bring unmatched local knowledge and dedication to every client relationship. My approach is built on creativity, perseverance, and a commitment to guiding you through one of life’s most important decisions. Beyond real estate, I stay actively involved in the community, giving me a unique perspective and stronger connections to serve your needs.

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