Home sales stutter as prices hit record $440,600

The cooling trend reflects contracts finalized in May, a period marked by rising interest rates for 30-year fixed mortgages. Lawrence Yun, chief economist at the National Association of Realtors, attributes the volatility to buyer sensitivity regarding affordability, though he notes that robust job growth—adding over half a million positions this year—remains a stabilizing force.

Inventory levels remain constrained at 1.56 million units, representing a 4.6-month supply. This falls short of the 6-month threshold typically required for a balanced market, keeping upward pressure on valuations. Consequently, the median price for existing homes climbed to $440,600, marking an all-time high despite the tepid sales volume.