Business Rundown: High Rates vs. Rising Home Sales

A welcome silver lining in what has recently been a bleak housing market.

Sales of previously owned homes jumped more than expected in May… posting an unexpected three-point-two percent increase month-over-month.

That was the highest rate of sales we’ve seen since December. And according to the National Association of Realtors, it was the best month for first-time homebuyers since June 2020… with thirty-five percent of all purchases coming from people buying their very first home.

But while that is impressive… mortgage rates remain stubbornly high, even ticking up again this week according to Freddie Mac.

So, what should we take away from these mixed signals… and what can we expect in the months ahead?

Realtor.com Chief Economist Danielle Hale joins FOX Business’ Gerri Willis to break down the housing market, letting buyers and sellers know what they need to know.