Existing home sales fell in May as rising rents and low supply weigh on affordability

Existing home sales declined again in May, falling by 3.4% to a seasonally adjusted annualized rate of 5.41 million units, according to new data from the National Association of Realtors. On a yearly basis, existing home sales were down 8.6% compared to May 2021. The NAR said the market is now at its weakest reading

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