Sales are unlikely to recover any time soon, as mortgage rates weigh heavy on affordability.
Mortgage rates hung in the mid 6% range during that time and then shot up over 7% at the very end of May.
The higher end of the market, however, appears to be recovering.
While sales were down across all price points, they were down least at the higher end.
Sales are unlikely to rebound soon in the existing home market, but sales of newly built homes are reaping the benefits.
Persons:
Lawrence Yun, Yun, DR Horton, Donald Horton
Organizations:
National Association of Realtors, Realtors