In May, the US pending existing-home sales index hit a record low due to high mortgage rates and prices, discouraging potential buyers. The National Association of Realtors reported a 2.1% decrease in contract signings, the lowest since 2001. Chief Economist Lawrence Yun predicts a slowdown in home price appreciation and anticipates higher inventory and lower demand to stimulate home buying. The market has been stagnant with annualized home sales near 4 million, exacerbated by sellers holding onto low mortgage rates. Despite record-high selling prices, there is a gradual increase in listings. A drop in mortgage rates, currently at 7%, could potentially boost sales. Regional variations show slight gains in the Northeast and West, with decreases in the South and Midwest. The pending sales figures indicate a potential future decline in previously owned home sales.