Home sales in the U.S. dropped to one of their lowest levels on record in May, according to a recent Redfin report, despite nearly one in five sellers slashing their list prices last month in an attempt to attract reluctant buyers.Some 19.2 percent of homes for sale in May nationwide had a price cut, according to the real estate brokerage, up from 13.2 percent compared to a year earlier and just a few percentage points shy of the record share of 21.7 percent set in October 2022.
Only two months in the past decade have reported lower numbers of home sales: October 2023 and May 2020, when mortgage rates jumped to a 23-year high and the beginning of the pandemic, respectively.The high cost of housing—including mortgage rates, insurance, and maintenance fees among other factors—is still a big obstacle for buyers hunting for a new home, as willing as they may be. This is because, despite dwindling sales, home prices at the national level are still growing.The median sale U.
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