Existing home sales dropped 0.9% last month from April to a seasonally-adjusted annual rate of 5.8 million units, the National Association of Realtors said Tuesday. The string of sales declines comes after sharp gains last fall and through the winter, as many Americans sought more living space during the pandemic. The median sales price topped $350,000 last month, the NAR said, a record high. Lawrence Yun, chief economist of the NAR, said that the rapid growth in the sales price of a typical home is largely driven by much stronger sales of more expensive properties. Sales of homes priced above $1 million have more than tripled in the past year, Yun said.

Source: thestar June 22, 2021 14:13 UTC