US existing home sales down 5.4% in June - Breaking The News

US existing home sales down 5.4% in June

20 July

1 min read

EPA-EFE/ERIK S. LESSER

The sales of existing homes in the United States fell by 5.4% in June compared to the previous month and 14.2% annually, according to a report by the National Association of Realtors on Wednesday. The median sale price rose by 13.4% and landed at $416,000, setting a new record high.

The total number of existing houses sold exceeded expectations slightly and stood at 5.12 million. The inventory of unsold existing homes rose to 1.26 million by the end of June, or the equivalent of 3.0 months at the current monthly sales pace.

"Falling housing affordability continues to take a toll on potential home buyers," said NAR Chief Economist Lawrence Yun. "Both mortgage rates and home prices have risen too sharply in a short span of time."

existing home sales data

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