CNBC- Sales of previously owned homes are sitting at a 30-year low and didn’t move much in May as prices hit a new record and mortgage rates remain high.So-called existing home sales in May were essentially flat, down 0.7% from April to a seasonally adjusted, annualized rate of 4.11 million units, according to the National Association of Realtors, or NAR. Sales fell 2.8% from May of last year.
Robert Reich - Median home sales prices in 2023 were about 5x the median household income, according to new data.
A big reason why home prices have skyrocketed is a lack of supply — and Wall Street sinking its teeth into whatever is left on the market is making the problem even worse.
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