The median existing-home sale price in the U.S. shot above $400,000 in May, setting a new record, as the housing market stalled under the weight of higher mortgage-interest rates.
Sales of previously owned homes slid for a fourth straight month, declining 3.4% in May from the prior month to a seasonally adjusted annual rate of 5.41 million, the weakest rate since June 2020, the National Association of Realtors said Tuesday. May sales fell 8.6% from a year earlier.
