Home prices hit record high in May as sales stall

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.

This count of closed sales is based on contracts likely signed in March and April. The sluggish sales pace came as rates took a big leap in April.

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