Quotes from the news wire:
Existing-home sales continue to be weighed down by rising prices and low inventory, sales in May fell for the fourth-straight month to the slowest annual pace since June 2020. However, housing demand is still very strong. Even with this declining trend, sales last month were still much higher than in May 2019.
Investors are contemplating the risks of the recent resurgence of Covid-19 cases to the labor market and economy, and Treasury rates and mortgage rates are moving lower as a result, the weakening in activity is potentially a signal that pent-up demand is starting to wane and that low housing supply is limiting prospective buyers' options.