Gross sales of beforehand owned properties are sitting at a 30-year low and did not transfer a lot in Might as costs hit a brand new file and mortgage charges stay excessive.So-called present house gross sales in Might had been basically flat, down 0.7% from April to a seasonally adjusted, annualized price of 4.11 million items, in keeping with the Nationwide Affiliation of Realtors, or NAR. Gross sales fell 2.8% from Might of final 12 months.This rely of closed gross sales is predicated on contracts probably signed in March and April. The sluggish gross sales tempo got here as charges took a giant leap in April.The common price on the favored 30-year fastened mortgage began the month just under 7% after which rose to only over 7.5% by mid-April, earlier than settling again barely in Might, in keeping with Mortgage Information Day by day. That price is now proper round 7%.”Residence gross sales refuse to recuperate,” stated Lawrence Yun, chief economist on the NAR. “I assumed we might see a restoration this spring. We’re not seeing it.”Houses within the Issaquah Highlands space of Issaquah, Washington, US, on Tuesday, April 16, 2024. David Ryder | Bloomberg | Getty ImagesSales had been unchanged month to month in all areas besides the South, the place they fell 1.6%.The largest change in Might is that the stock of properties on the market jumped, up 6.7% month to month and 18.5% greater than in Might final 12 months. On the present gross sales tempo, there may be now a 3.7-month provide. Whereas stock is gaining, it’s nonetheless very low given demographics and demand.”Ultimately, extra stock will assist enhance house gross sales and tame house value positive aspects within the upcoming months. Elevated housing provide spells excellent news for shoppers who need to see extra properties earlier than making buying choices,” Yun added.That demand continues to push costs greater. The median value of an present house bought in Might was $419,300, a record-high value within the Realtors’ recording and up 5.8% 12 months over 12 months. The acquire was the strongest since October 2022. Costs gained in all areas.The Realtors famous in a launch that the mortgage cost for a typical house at present is greater than double what it was 5 years in the past. Not solely have charges climbed, however house costs are greater than 50% greater than they had been 5 years in the past. That is available in half as a result of the median is skewing to the upper finish.Gross sales of properties priced under $250,000 had been decrease than a 12 months in the past, whereas gross sales priced between $250,000 and $500,000 had been up simply 1%. Gross sales priced between $750,000 and $1 million had been 13% greater, and gross sales priced over $1 million had been up almost 23%.Money remains to be king, accounting for 28% of gross sales. First-time consumers are hanging in at 31% of gross sales, up from 28% the 12 months earlier than.Two-thirds of properties went beneath contract in lower than a month, so competitors remains to be sturdy regardless of greater costs. Redfin, an actual property brokerage, is reporting that an growing variety of listings have gotten stale, so if a house comes available on the market that’s well-priced and would not want a lot work, it goes quick. Different properties are sitting longer.Don’t miss these exclusives from CNBC PRO