US home sales fall for the 3rd straight month in May as median price climbs past $419,000

The video discusses the real estate market in America, highlighting record high home prices and a continuous rise in prices for 11 months. Despite this, existing home sales have declined for three consecutive months. The market is characterized by high mortgage rates and low inventory, contributing to the current trends.

What does the data suggest about existing home sales in recent months?

What factors are contributing to the current state of the housing market?