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U.S. Home Sales Hit Lowest May Level Since 2009

6/23/2025

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Summary

Story summary

U.S. home sales have plummeted to their lowest level for May since 2009, with existing sales dipping 0.7% from last year. Soaring mortgage rates near 7% and escalating prices are squeezing affordability, resulting in more sellers than buyers. Active listings soared to a five-year high, with homes now taking an average of 38 days to sell—the slowest since 2020.

History

Historical Context

The U.S. housing market experienced a severe downturn during the Great Recession in 2009, with existing home sales dropping by 30% amid economic instability. This crisis stemmed from the subprime mortgage collapse, which began in 2007. Today, rising mortgage rates near 7% and escalating prices reflect ongoing affordability challenges, echoing the slow recovery seen after the 2008 financial crisis.

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Story summary

U.S. home sales have plummeted to their lowest level for May since 2009, with existing sales dipping 0.7% from last year. Soaring mortgage rates near 7% and escalating prices are squeezing affordability, resulting in more sellers than buyers. Active listings soared to a five-year high, with homes now taking an average of 38 days to sell—the slowest since 2020.

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