For the fourth month in a row, sales of existing homes have dropped according to a report from the National Association of Realtors. The main factor behind the volume of existing home sales dropping is that the inventory of homes for sale continues to dwindle. This low inventory is causing median existing-home prices to rise (23.6% from May 2020 to May 2021) pricing some buyers out of the market. Region by region. the Midwest saw an increase in existing home sales month-over-month, but the Northeast, South, and West fell by 1.4%, .4%, and 4.1% respectively. Year-over-year each of these regions saw a double digit rise in existing home sales. As home builders rush to build on already purchased lots and materials to build remain tough to find, existing home sales may see a bounce back in the next few months.
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