USA/Real Estate-May home resales hit two-year low

WASHINGTON, June 21 (Reuters) – U.S. home resales fell 3.4% in May, a two-year low, as prices and interest rates rose, data showed. Tuesday by the National Association of Realtors (NAR), the country’s main federation of real estate agents.

It reported 5.41 million annualized and seasonally-adjusted resales last month, the lowest level since June 2020. The April figure was revised further down, 5, 6 million against 5.61 million initially announced.

Economists polled by Reuters on average expected a 5.4 million drop in May.

Over one year, resales of homes, which represent approximately 90% of overall sales in the residential real estate market in the United States, fell by 8.6%.

The stock of old homes for sale now represents 1.16 million units in May, an increase of 12.6% compared to April, while the median selling price increased by 14.8% in one year to 407,600 dollars. (386,075 euros). (Report Lucia Mutikani; French version Claude Chendjou, told by Matthieu Protard)

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