By 
A sign is posted in front of a home for sale on June 09, 2023 in San Francisco, California.
Justin Sullivan | Getty Images
Sales of previously owned homes were essentially flat in May compared with April, according to the National Association of Realtors.
They rose 0.2% to a seasonally adjusted, annualized pace of 4.30 million units. Compared with a year earlier, however, sales were 20.4% lower.
The slow spring sales pace is a combination of still-high prices, elevated mortgage rates and a critical shortage of homes for sale.
There were just 1.08 million homes on the market at the end of May. That’s 6.1% lower than the supply in May of last year. At the current sales pace that represents a…
Source cnbc.com
