US Home Sales Edge Up, Remain Below 2024

U.S. existing home sales in May 2025 rose 0.8% from April to a seasonally adjusted annual rate of 4.03 million units, contrary to economists' forecasts of a decline, though sales were still 0.7% lower than a year earlier. The national median home price reached a record $422,800 for May, up 1.3% year-over-year, with inventory climbing 6.2% since April and 20.3% from last year to 1.54 million units, still below pre-pandemic levels. The housing market continues to struggle with affordability as high mortgage rates persist. Demand is strongest for higher-priced homes and in the Northeast, while the West experienced a drop in sales. In Duval County, Florida, the median sale price fell 8.1% year-over-year in March, with sharp declines in condo and townhome prices. Experts say lower mortgage rates in the future could help increase both buyer and seller activity.