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Existing-home sales slightly declined in May as the median sales price climbed to a record high, according to the National Association of Realtors®. In the four major U.S. regions, sales slid month-over-month in the South but were unchanged in the Northeast, Midwest and West. Year-over-year, sales rose in the Midwest but receded in the Northeast, South and West.

Total existing-home sales[1] – completed transactions that include single-family homes, townhomes, condominiums and co-ops – retreated 0.7% from April to a seasonally adjusted annual rate of 4.11 million in May. Year-over-year, sales waned 2.8% (down from 4.23 million in May 2023).

“Eventually, more inventory will help boost home sales and tame home price gains in the upcoming months,” said NAR Chief Economist Lawrence Yun. “Increased housing supply spells good news for consumers who want to see more properties before making purchasing decisions.”

Total housing inventory[2] registered at the end of May was 1.28 million units, up 6.7% from April and 18.5% from one year ago (1.08 million). Unsold inventory sits at a 3.7-month supply at the current sales pace, up from 3.5 months in April and 3.1 months in May 2023.

The median existing-home price[3] for all housing types in May was $419,300, the highest price ever recorded and an increase of 5.8% from one year ago ($396,500). All four U.S. regions registered price gains.

“Home prices reaching new highs are creating a wider divide between those owning properties and those who wish to be first-time buyers,” Yun added. “The mortgage payment for a typical home today is more than double that of homes purchased before 2020. Still, first-time buyers in the market understand the long-term benefits of owning.”

REALTORS® Confidence Index

According to the monthly REALTORS® Confidence Index, properties typically remained on the market for 24 days in May, down from 26 days in April but up from 18 days in May 2023.

First-time buyers were responsible for 31% of sales in May, down from 33% in April but up from 28% in May 2023. NAR’s 2023 Profile of Home Buyers and Sellers – released in November 2023[4] – found that the annual share of first-time buyers was 32%.

All-cash sales accounted for 28% of transactions in May, unchanged from April and up from 25% one year ago.

Individual investors or second-home buyers, who make up many cash sales, purchased 16% of homes in May, identical to April and up from 15% in May 2023.

Distressed sales[5] – foreclosures and short sales – represented 2% of sales in May, unchanged from last month and the previous year.

Mortgage Rates

According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.87% as of June 20. That’s down from 6.95% the prior week but up from 6.67% one year ago.

Single-family and Condo/Co-op Sales

Single-family home sales declined to a seasonally adjusted annual rate of 3.71 million in May, down 0.8% from 3.74 million in April and 2.1% from the prior year. The median existing single-family home price was $424,500 in May, up 5.7% from May 2023.

At a seasonally adjusted annual rate of 400,000 units in May, existing condominium and co-op sales were unchanged from last month and down 9.1% from one year ago (440,000 units). The median existing condo price was $371,300 in May, up 5.1% from the previous year ($353,300).

Regional Breakdown

Existing-home sales in the Northeast in May were identical to April at an annual rate of 480,000, a decline of 4% from May 2023. The median price in the Northeast was $479,200, up 9.2% from the prior year.

In the Midwest, existing-home sales were unchanged from one month ago at an annual rate of 1 million in May, up 1% from one year ago. The median price in the Midwest was $317,100, up 6.4% from May 2023.

Existing-home sales in the South fell 1.6% from April to an annual rate of 1.87 million in May, down 5.1% from the previous year. The median price in the South was $374,300, up 3.6% from last year.

In the West, existing-home sales in May were equivalent to April at an annual rate of 760,000, a drop of 1.3% from one year before. The median price in the West was $632,900, up 5.5% from May 2023.

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Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.87 percent.

“Mortgage rates fell for the third straight week following signs of cooling inflation and market expectations of a future Fed rate cut,” said Sam Khater, Freddie Mac’s Chief Economist. “These lower mortgage rates coupled with the gradually improving housing supply bodes well for the housing market. Aspiring homeowners should remember it’s important to shop around for the best mortgage rate as they can vary widely between lenders.”

News Facts

  • The 30-year FRM averaged 6.87 percent as of June 20, 2024, down from last week when it averaged 6.95 percent. A year ago at this time, the 30-year FRM averaged 6.67 percent.
  • The 15-year FRM averaged 6.13 percent, down from last week when it averaged 6.17 percent. A year ago at this time, the 15-year FRM averaged 6.03 percent.

The PMMS® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. For more information, view our Frequently Asked Questions.

Freddie Mac’s mission is to make home possible for families across the nation. We promote liquidity, stability, affordability and equity in the housing market throughout all economic cycles. Since 1970, we have helped tens of millions of families buy, rent or keep their home. Learn More: Website |

Posted On Thursday, 20 June 2024 09:18 Written by

More than half of luxury homebuyers would be unlikely to make an offer on a home with an outdated kitchen

More than four in five (86%) luxury homebuyers rank double vanities as must-haves when searching for a home, making them the most asked-for kitchen and bathroom features among high-end buyers this year. Next come kitchen islands and granite or quartz countertops, with 85% of luxury buyers asking their agents for each of them, followed closely by walk-in pantries (83%).

This is according to a survey commissioned by Redfin, the technology-powered real estate brokerage. Roughly 300 Redfin Premier agents responded to the survey, which Qualtrics conducted in April-May 2024. The relevant question was: “How common is it for luxury buyers to ask for each of the following bathroom/kitchen amenities?” For the purpose of this release, Redfin included responses that deemed each feature “very common.”

How common is it for luxury buyers to ask for each of
the following kitchen/bathroom amenities?

Share of agents who said “very common”



Jacuzzi tub


Mini fridge


Steam shower


Pot filler


Coffee station


Prep kitchen


Integrated sound system


Heated floors


Butler’s pantry


Farmhouse sink


Wine fridge


Energy-efficient appliances


Showers with multiple heads


Free standing tub


Smart-home technology


Smart-home technology


A separate toilet room


Custom cabinets


High-end appliances


Walk-in pantry


Kitchen Island


Granite or quartz countertops


Double sinks/double vanity


“Luxury buyers are looking to fall in love with their future home, and they often make emotional decisions because they have the financial means to do so,” said Andrew Rottner, a Redfin Premier Agent in Denver. “What luxury buyers want are all the features of a custom built home in an established and enviable neighborhood. A home where, before even touring, the buyer can envision the cooking they’d do in the kitchen or the entertaining they’d do in the indoor/outdoor living space.”

Open floor plans are the most desirable overall home trend

Zooming out to the entire house, 83% of agents said open-concept floor plans are desirable to luxury buyers, making it the most desirable home trend among this spring’s buyers.

Granite countertops were the only other trend the majority of agents ranked as “very desirable.” Several trends that used to be popular, such as sliding barn doors and shiplap, seem to have gone by the wayside; just 8% of agents ranked each of those features as “very desirable” for buyers.

The relevant question was: “How desirable are each of these home trends for buyers?”

How desirable are each of these home trends for buyers?

Share of agents who said “very desirable”

Linoleum floors


Tile countertops




Dog wash station


Bright-colored accent walls


Sliding barn doors




Wet bar or beverage center


Granite countertops


Open concept floor plans


Outdated kitchens are the biggest turnoff for luxury buyers

More than half (54%) of homebuyers would be unlikely to make an offer on a luxury home if it had an outdated kitchen. That makes an outdated kitchen the biggest turnoff for buyers, followed by lack of curb appeal (48%), outdated bathrooms (44%), and popcorn ceilings (40%).

This comes at a time when monthly housing payments are near their highest level on record, making it tough for some buyers to come up with cash for renovations.

In the survey, agents were asked how common it is that a buyer would ultimately decide to not make an offer on a home after encountering specific home features on a home they tour, helping home sellers understand the most important updates to make before selling.

How common is it that a buyer decides not to make an offer
after encountering the following features in a home they tour?

Share of agents who said “very common”

Poorly placed laundry room


Old appliances


Overly textured walls


Obscure paint colors


Outdated carpet


Popcorn ceiling


Outdated bathroom


Lack of curb appeal


Outdated kitchen


Landscaping is the most sought-after outdoor feature

Nearly seven in 10 (69%) luxury homebuyers say landscaping is a must-have feature, followed by indoor/outdoor living space (58%). Still, buyers are less likely to rank outdoor features as must-haves than kitchen or bathroom amenities.

Over half of homebuyers say that climate friendly and energy efficient features, such as solar powered lights, solar panels, and drought-resistant landscaping, are not on the priority list when it comes to their backyard.

How common is it for luxury buyers to ask their agent to find a
home with these outdoor features?

Share of agents who said “very common”

Pizza oven


Solar powered lighting


Solar panels


Drought-resistant landscaping




Drip irrigation


Hot tub


Fire pit


Outdoor kitchen




Covered patio


Indoor/outdoor living space




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