U.S. housing sector shows signs of stabilization as existing home sales rise 0.2% in May, according to NAR data.
The annualized sales rate reaches 4.30 million homes, surpassing economists' expectations.
However, gold prices remain under pressure despite positive housing data, influenced by hawkish comments from Federal Reserve Chair Jerome Powell.
NAR Chief Economist Lawrence Yun highlights the significant role of mortgage rates in home sales.
Although mortgage rates have stabilized, the Federal Reserve maintains a hawkish bias, aiming to combat inflation.
Yun emphasizes that an increase in the supply of homes for sale is attracting buyers, but existing-home sales are lower due to limited supply.
The report reveals a total housing inventory of 1.08 million units at the end of May, representing a 3-month supply at the current sales pace.
Median existing-home prices in May experience a decline of 3.1% compared to the previous year, according to NAR data.