Home Sales Rise, But Cash Buyers Step Back

Existing home sales jumped 3.2% in May to 4.17 million units, yet price growth slowed to just 2.0% year-over-year. All-cash purchases fell to 28.9%—a six-year low—signaling investors have pulled back. That leaves mortgage rates as the real driver of demand. Rising insurance and property taxes are squeezing affordability further, leaving little room if rates climb again.