US Home Sales Decline Amid Record High Prices and Mortgage Rates

Existing home sales fell for the second consecutive month in April as affordability challenges persist.

Median home prices hit a record $407,600 in April, a 5.7% increase from last year.
Mortgage rates remain elevated, averaging around 7%, deterring potential buyers.
Total housing inventory rose to 1.21 million units, the highest since October 2021.
Sales of homes priced over $1 million surged by 40% year-over-year, driven by increased supply.
First-time buyers accounted for 33% of sales, up from 29% a year ago.