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US Existing Home Sales Remain Near Historic Lows Despite Supply Increases

economy-finance · 2026-04-15

According to the National Association of Realtors, the sales of existing single-family homes in the United States increased by 3.5% from April to May, reaching a seasonally adjusted annual rate of 3.80 million. The supply of homes available rose to 4.5 months, marking the highest level for May since 2016. Meanwhile, condo and co-op sales remained steady at 370,000 annualized for the fourth month in a row. The median price for single-family homes nationwide saw a year-over-year increase of 1.3%, reaching $434,300. While 15 major markets experienced price declines of 10-26%, New York City and Milwaukee saw increases of 5.1% and 3.7%, respectively. As of June 4, the average rate for a 30-year fixed mortgage stood at 6.48%. The article links the ongoing affordability crisis to the Federal Reserve's quantitative easing measures implemented during the pandemic.

Key facts

  • Existing single-family home sales rose 3.5% month-over-month in May to 3.80 million annualized.
  • Single-family home supply reached 4.5 months in May, highest for that month since 2016.
  • Condo/co-op sales remained at 370,000 annualized for the fourth straight month.
  • Condo supply for April was revised up to 6.3 months, highest since April 2012.
  • National median single-family home price rose 1.3% year-over-year to $434,300.
  • Prices dropped 10-26% in 15 major markets, with Austin down 26% and Oakland down 25%.
  • Condo prices fell 15-33% in 24 markets from peaks; Cape Coral down 33%.
  • Average 30-year fixed mortgage rate was 6.48% as of June 4.
  • Sales in West and Northeast down 32% and 31% respectively from May 2019.
  • Author blames Fed's QE for pandemic-era price surge and current affordability crisis.

Entities

Institutions

  • National Association of Realtors
  • Freddie Mac
  • Federal Reserve
  • Wolf Street
  • YCharts
  • WOLF STREET

Locations

  • United States
  • Austin
  • Texas
  • Oakland
  • California
  • New Orleans
  • Louisiana
  • Sarasota County
  • Florida
  • New York City
  • New York
  • Milwaukee
  • Wisconsin
  • Cape Coral
  • Petersburg
  • Fort Myers
  • Garland
  • West
  • Northeast
  • South
  • Midwest
  • CA
  • FL
  • TX
  • Lee County
  • Houston
  • Dallas
  • Manhattan
  • Austin, TX
  • Oakland, CA
  • New Orleans, LA
  • Sarasota County, FL
  • Cape Coral, FL
  • Petersburg, FL
  • Fort Myers, FL
  • Garland, TX
  • Tampa, FL
  • Chicago

Sources