Housing sales slumped in May compared to last year

Housing sales slumped in May compared to last May. Even so, prices still went up and about one in five borrowers paid with cash to avoid higher interest rates.

With inventory continuing to be low, the effect of mortgage interest hikes haven’t slowed price increases that much. It’s still a seller’s market.

With a little more than 2,400 sales, sales in NOVA dipped nearly 9 percent compared to last May.

Active listings fell to 1,764, about 20 percent lower than May last year.

More details are available in the press release from Northern Virginia Association of Realtors.

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