Home sales slow nationally due to high interest rates and fewer properties for sale (includes video story)

Interest rates on houses across United States have increased this spring, leading to fewer home buyers.

Lawrence Yun, a chief economist for the National Association of Realtors, says that there is “not enough inventory so buyers are left with so few choices.” This has caused a 30-year low in home sales.

According to the National Association of Realtors, prices have gone up in all four regions of the United States. The median price is $407,600, a 5.7% increase from last year.

Yun predicts more homes will become available during the fall and winter seasons due to a decrease in interest rates and homeowners looking to sell their property.

Jonathan Mayer is a junior majoring in Digital Broadcasting. After his studies, he wishes to pursue a career in sports broadcasting within the field of baseball.