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US existing home sales dip to 9-month low on high costs
UNITED STATES, JUL 24 – High mortgage rates near 7% and a median home price of $435,300 have reduced buyer activity, with first-time buyers at just 30% of sales, National Association of Realtors reported.
- Existing-Home sales dipped 2.7% in June as the National Association of Realtors reported a 3.93 million unit seasonally adjusted annual rate.
- The National Association of Realtors report noted 6.67% mortgage rates and a $435,300 median price, explaining how high costs have intensified buyer hardships.
- NAR reported 1.53 million unsold homes, translating to a 4.7-month supply, noting homes remained on market 27 days.
- Redfin and NAR data show one in seven potential deals fell through, while first-time and cash buyer shares illustrate market shifts.
- ‘The second half of the year really depends on what happens with mortgage rates,’ said Yun, adding that a drop to 6% could boost homeowner numbers by 160,000.
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The IndependentReposted by 
Upstract
UpstractU.S. house sales drop as prices soar to record levels
Sales of previously occupied homes slid in June to the slowest pace since last September as mortgage rates remained elevated and national median sales prices hit unprecedented levels
·London, United Kingdom
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Existing Home Sales Drop Almost Three Percent in June as Prices Hit Record Highs - The Pennsylvania Daily Star
Existing-home sales declined 2.7% in June as prices hit record highs, according to the National Association of Realtors. The total housing inventory hit 1.53 million units, down 0.6% from May but up 15.9% from June 2024 (1.32 million). The U.S. has a 4.7-month supply of unsold inventory, up from 4.6 months in May and four months in June 2024. A six-month supply is generally considered a balanced market. The post Existing Home Sales Drop Almost T…
Coverage Details
Total News Sources28
Leaning Left7Leaning Right4Center11Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 32%
C 50%
R 18%
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