In June, sales of previously owned U.S. homes decreased by 2.7% to a seasonally adjusted annual rate of 3.93 million units, the slowest pace since the previous September. The national median sales price reached an all-time high of $435,300, representing a 2% increase year-over-year and marking the 24th consecutive month of rising prices. The U.S. housing market has experienced a slump since early 2022, driven by climbing mortgage rates, resulting in historically low sales levels. The combination of high rates and limited inventory continues to challenge potential homebuyers.
Existing home sales in June fell to a seasonally adjusted annual rate of 3.93 million units, a 2.7% decline from May and below economists' expectations.
The national median sales price increased 2% from a year earlier to $435,300, marking an all-time high and the 24th consecutive month of price growth.
The U.S. housing market has been in a slump since early 2022 due to rising mortgage rates, leading to the lowest home sales levels in nearly 30 years.
High mortgage rates have added significant costs for borrowers, constraining their purchasing power and influencing the overall housing market dynamics.
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