By Melissa Dittmann Tracey | Realtor Magazine
Despite a modest uptick in home sales, uncertainty continues to cloud the housing market. Elevated mortgage rates and economic headwinds may be leaving some would-be home buyers hesitant, even as the inventory of for-sale homes improves and buyers find they have more negotiating power in some markets.
Existing-home sales—completed transactions for single-family homes, townhomes, condos and co-ops—eked out a slight increase in May compared to April, up 0.8%, but remained down 0.7% compared to a year ago, the National Association of REALTORS® reported Monday. The tepid sales activity comes during what is typically a busy time for real estate.
