More people bought houses in May. Experts think house prices will go up for a long time.

五月份買房的人增加了。專家認為房價將會長期上漲。

More people bought houses in May because loans became cheaper. People have more money now, so they can buy homes.

因為貸款變得較便宜，五月份買房的人增加了。人們現在有更多資金，因此能夠買房。

Rich people bought many expensive houses. Poor people bought fewer cheap houses. Many people bought their first home in May.

富人購買了許多昂貴的房屋。窮人購買廉價房屋的數量較少。許多人在五月份購買了他們的第一套房。

One expert says houses might cost 1 million dollars by the year 2050. This is because prices usually go up every year.

一位專家表示，到 2050 年房價可能會達到 100 萬美元。這是因為房價通常每年都會上漲。

More people are buying houses now, but there are not enough houses for everyone. Prices will continue to rise.

現在買房的人增加了，但房屋供應不足以滿足所有人。價格將會持續上漲。

The US market for existing homes saw a clear increase in sales during May, which aligns with long-term predictions that property prices will continue to rise significantly.

美國現有住宅市場在五月份出現明顯的銷售增長，這與房價將繼續大幅上升的長期預測相符。

According to data from the National Association of Realtors (NAR), existing-home sales rose by 3.2% in May. This reached an annual rate of 4.17 million units, which is the strongest pace since December and higher than economists expected. This growth was caused by a small drop in mortgage rates in April and better affordability, as salaries are currently growing slightly faster than home prices. However, the supply of homes remains low at 1.55 million units, which is still below the level needed for a balanced market.

根據全美不動產協會 (NAR) 的數據，五月份現有住宅銷售上升了 3.2%。年率達到 417 萬套，是自去年 12 月以來最強勁的增速，且高於經濟學家的預期。這次增長是由於四月份抵押貸款利率小幅下跌以及負擔能力提高所致，因為目前的薪資增長速度略快於房價。然而，房屋供應量仍維持在 155 萬套的低水平，仍低於市場平衡所需的水平。

There are also clear differences in how different buyers are behaving. Sales of luxury homes (over $1 million) increased by 11% compared to last year, showing that wealthy buyers are less affected by interest rates. In contrast, sales of homes priced between $100,000 and $250,000 fell by 5%. Furthermore, first-time buyers made up 35% of sales in May, up from 30% last year. Regionally, the Midwest saw its highest sales rate since April 2023.

不同類型的買家行為也存在明顯差異。豪華住宅（100 萬美元以上）的銷售額較去年增長 11%，顯示富裕買家較不受利率影響。相比之下，價格在 10 萬至 25 萬美元之間的住宅銷售下降了 5%。此外，首次購屋者在五月份的銷售中佔 35%，高於去年的 30%。在區域方面，中西部地區創下自 2023 年 4 月以來最高的銷售率。

Regarding future values, NAR Chief Economist Lawrence Yun suggested that the median price for a single-family home could reach $1 million by 2050. He emphasized that this would happen if prices grow by 3% to 4% every year. He pointed to historical trends, noting that the median price rose from about $100,000 in 1990 to over $400,000 today. Although some cities like Austin have seen prices drop recently, the general national trend is still one of steady increase.

關於未來價值，NAR 首席經濟學家 Lawrence Yun 指出，單一家庭住宅的中位數價格到 2050 年可能會達到 100 萬美元。他強調，如果價格每年增長 3% 至 4%，將會實現這一目標。他指出了歷史趨勢， noting 中位數價格從 1990 年的約 10 萬美元上升到如今的 40 萬美元以上。儘管像奧斯汀等城市近期房價下跌，但全美總體趨勢仍是穩定上升。

In summary, the US housing market is showing a partial recovery in sales volume, even though there is still a shortage of homes and prices are expected to keep rising over the long term.

總結來說，美國房屋市場的銷售量正呈現部分恢復，儘管房屋供應依然短缺，且預計房價長期將持續上升。

The United States existing-home market experienced a measurable increase in transaction volume during May, coinciding with a long-term forecast of significant price appreciation.

美國現有房屋市場在 5 月份的交易量有所增加，與此同時，長期預測顯示房價將大幅升值。

Quantitative data from the National Association of Realtors (NAR) indicates that existing-home sales ascended by 3.2% in May, reaching a seasonally adjusted annual rate of 4.17 million units. This figure represents the most robust pace since December and exceeded consensus economic forecasts. This acceleration is attributed to a marginal reduction in mortgage rates during April and a general improvement in affordability, as income growth currently exceeds home-price appreciation by a narrow margin. Inventory levels rose to 1.55 million units, representing a 4.5-month supply, which remains below the 6-month threshold typically indicative of a balanced market.

根據美國全國房地產經理人協會 (NAR) 的量化數據，5 月份現有房屋銷售上升了 3.2%，經季節調整後的年率達到 417 萬個單位。此數字代表自 12 月以來最強勁的增長速度，且超過了經濟共識預測。此加速歸因於 4 月份抵押貸款利率略微下降以及整體負擔能力改善，因為目前收入增長略高於房價漲幅。

Stakeholder positioning reveals a divergence in market sensitivity. High-end transactions (properties exceeding $1 million) increased by 11% year-over-year, suggesting lower interest-rate sensitivity among affluent buyers. Conversely, sales in the $100,000 to $250,000 bracket declined by 5%. Notably, first-time buyers constituted 35% of May transactions, an increase from 30% in the preceding year. Regional variances were observed, with the Midwest reaching an annualized rate of 1 million units, the highest since April 2023.

利益相關者的定位顯示出市場敏感度的分歧。高端交易（價值超過 100 萬美元的物業）同比增加 11%，顯示富裕買家對利率的敏感度較低。相反，10 萬至 25 萬美元區間的銷售下降了 5%。值得注意的是，首次購屋者佔 5 月份交易的 35%，高於前一年的 30%。地區差異明顯，中西部的年率達到 100 萬個單位，為 2023 年 4 月以來最高。

Regarding long-term valuation, NAR Chief Economist Lawrence Yun posits a speculative projection that the median single-family home price may reach $1 million by 2050. This hypothesis is predicated on a sustained annual growth rate of 3% to 4%. Historical antecedents are cited to support this trajectory, noting that the national median price rose from approximately $100,000 in 1990 to over $400,000 currently. While certain markets, such as Austin, have experienced price corrections following rapid appreciation, the broader national trend remains characterized by incremental price increases.

關於長期估值，NAR 首席經濟學家 Lawrence Yun 提出了一項推測性預測，認為到 2050 年，單一家庭房屋的中位數價格可能會達到 100 萬美元。此假設基於每年維持 3% 至 4% 的增長率。他引用歷史先例來支持這一趨勢，指出全國中位數價格從 1990 年的大約 10 萬美元上升至目前的 40 萬美元以上。雖然某些市場（如奧斯汀）在快速升值後經歷了價格修正，但整體國家趨勢仍以價格逐步增加為特徵。

The U.S. housing market is currently exhibiting a partial recovery in sales volume despite persistent supply constraints and a long-term trajectory of rising valuations.

儘管供應持續受限且長期估值呈上升趨勢，但美國房地產市場目前在銷售量方面表現出部分復甦。