Due to stubbornly high mortgage rates, a greater share of international home buyers paid cash—47% compared to 28% among all buyers.
Another important provision in the OBBBA raises the SALT deduction cap from $10,000 to $40,000 for taxpayers earning less than $500,000, effective from 2025 to 2029, before reverting to $10,000 thereafter.
Leasing activity surged this quarter to over 360,000 square feet, a 45% increase from the first quarter of this year, with renewals representing 57% of executed transactions.
The median existing-home price for all housing types was up 1.3% to $422,800 from one year ago ($417,200).
WASHINGTON—Existing-home sales rose in May, according to the National Association of Realtors. Sales elevated in the Northeast, Midwest and South, but retreated in the West. Year-over-year, sales progressed in the Northeast and Midwest but contracted in the South and West.
“The relatively subdued sales are largely due to persistently high mortgage rates. Lower interest rates will attract more buyers and sellers to the housing market,” said NAR Chief Economist Lawrence Yun. “Increasing participation in the housing market will increase the mobility of the workforce and drive economic growth. If mortgage rates decrease in the second half of this year, expect home sales across the country to increase due to strong income growth, healthy inventory, and a record-high number of jobs.”
The average 30-year fixed-rate mortgage as of June 18 was 6.81%, according to Freddie Mac, down from 6.84% one week before and 6.87% one year ago.
Total existing-home sales increased 0.8% month-over-month to a seasonally adjusted annual rate of 4.03 million.
Year-over-year sales fell 0.7 (down from 4.06 million in May 2024).
1.54 million units: Total housing inventory up 6.2% from April and 20.3% from May 2024 (1.28 million).
4.6-month supply of unsold inventory, up from 4.4 months in April and 3.8 months in May 2024.
The median existing-home price for all housing types was up 1.3% to $422,800 from one year ago ($417,200). The May 2025 median was a record high for the month of May, and the 23rd consecutive month of year-over-year price increases.
1.1% increase in sales to a seasonally adjusted annual rate of 3.67 million, up 0.3% from May 2024.
Median home price in May was $427,800 up 1.3% from May 2024.
2.7% decrease in sales to a seasonally adjusted annual rate of 360,000 units, down 10.0% from May 2024.
Median price was $371,300, up 0.7% from May 2024.
4.2% increase in sales month-over-month to an annual rate of 500,000, up 4.2% year-over-year.
Median price was $513,300, up 7.1% from May 2024.
2.1% increase in sales month-over-month to an annual rate of 990,000, up 1.0% year-over-year.
Median price, up 3.4% to $326,400, from May 2024.
1.7% increase in sales month-over-month to an annual rate of 1.84 million, down 0.5% year-over-year.
Median price was $367,00, down 0.7% from May 2024.
5.4% decrease in sales month-over-month to an annual rate of 700,000, down 6.7% year-over-year.
Median price was $633,500, up 0.5% from May 2024.
Due to stubbornly high mortgage rates, a greater share of international home buyers paid cash—47% compared to 28% among all buyers.
Another important provision in the OBBBA raises the SALT deduction cap from $10,000 to $40,000 for taxpayers earning less than $500,000, effective from 2025 to 2029, before reverting to $10,000 thereafter.
Leasing activity surged this quarter to over 360,000 square feet, a 45% increase from the first quarter of this year, with renewals representing 57% of executed transactions.
The One Big Beautiful Bill Act includes multiple NAR-championed provisions designed to support homeownership, drive investment in housing supply, and strengthen the real estate economy.
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