Housing Market Peaks Amid Rising Rates

Home sales hit a yearly high in May with 4.17 million homes sold at an annualized rate, fueled by lower rates in March and April — but that momentum may be fleeting as rates climbed again in May and early June. Economists warn this surge is likely temporary, not a sustained recovery. Still, demand remains strong, especially from first-time buyers who made up 35% of sales — up from last year. The market is split: some buyers move despite higher rates, others wait. Inventory is slowly growing, prices keep rising for 35 straight months, but affordability remains somewhat intact as price growth lags behind wage growth in most areas — except the West, where prices dipped slightly. Support the show:Get a discount at https://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/99da2c4e18c7c032