U.S. home sales in May dropped to one of the lowest levels in the past decade, according to a report by real estate brokerage Redfin (
RDFN), due to sluggish demand and supply in a high-mortgage rate environment.
Housing affordability in the U.S. has reached an all-time low. Median home prices have hit record highs, and the 30-year fixed-mortgage rate is hovering around 7%, which has dampened both demand and supply.
The number of homes for sale is approximately 25% below pre-pandemic levels, Redfin reports.
Home sellers are reluctant to give up lower fixed mortgage rates secured during an era of ...
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