U.S. home sales slump further; median house price hits record high

By Lucia Mutikani WASHINGTON (Reuters) -U.S. existing home sales tumbled to a two-year low in May as prices jumped to a record high – topping the $400,000 mark for the first time – and as mortgage rates increased further, sidelining first-time buyers from the market. Despite the fourth straight monthly drop in sales and declining affordability, reported by the National Association of Realtors (NAR) on Tuesday, the housing market remains fairly hot, with properties typically staying on the market for a record 16 days last month. “The market is far from weak,” said Conrad DeQuadros, senior econo…

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