Sales of previously owned homes rose sharply in May, reaching their highest level since December as slightly lower mortgage rates encouraged more buyers to enter the market.
The gain exceeded economists’ expectations and marked the strongest year-over-year growth pace since December.
Lawrence Yun, chief economist for the Realtors, said improving affordability, lower mortgage rates compared to a year ago, and rising incomes helped support buyer demand. The report said many of the completed sales likely stemmed from contracts signed in April when borrowing costs eased.
As a result, home prices continued climbing. The median existing home price reached a record $429,300 for the month, up 1.3% from a year earlier.
According to the report, first-time buyers accounted for 35% of purchases, while luxury homes continued to outperform lower-priced segments of the market.
Related Tweet:
Existing-home sales in the US accelerated to their fastest pace of the year in May, providing a dose of optimism after a tepid start of the spring selling season. https://t.co/ULseLxsVWT
— Bloomberg (@business) June 9, 2026
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