Cash Buyers Retreat as U.S. Home Sales Pick Up but Prices Stall

Existing home sales rose 3.2% in May to 4.17 million units, while price growth decelerated to 2.0% year-over-year. All-cash purchases fell to 28.9%—a six-year low—indicating investor demand has cooled. The shift means mortgage rates now carry outsized weight on volume. Rising homeowner insurance and property taxes compound affordability strain, leaving the market with less cushion should rates turn higher again.