Sales of previously occupied US homes slid in June to the slowest pace since last September as mortgage rates remained elevated and national median sales prices hit unprecedented levels.
Existing home sales fell 2.7% last month from May to a seasonally adjusted annual rate of 3.93 million units, the National Association of Realtors said Wednesday.
Sales were flat compared with June last year.
Existing home sales fell 2.7% last month from May to a seasonally adjusted annual rate of 3.93 million units, below analtsys’ estimates. AP
The latest home sales fell short of the 4.01 million pace economists were expecting, according to FactSet.
Home prices increased on an annual basis for the 24th consecutive month. The national median sales price rose 2% in June from a year earlier to $435,300, an all-time high.
The US housing market has been in a slump since early 2022, when mortgage rates began to climb