In June, existing-home sales dropped 2.7%, indicating a slow start to the summer and highlighting ongoing challenges with affordability. The median sales price reached a new high of $435,300, up 2% from the previous year, driven by years of undersupply. The supply of existing homes for sale decreased slightly from May but increased by 15.9% compared to a year ago. Sellers opted to delist homes rather than lower prices, with a 47% increase in delistings in May. Affordability remains a concern, especially with mortgage rates above 6.6%.
Existing-home sales fell 2.7% in June, marking a slow start to summer and continuing affordability challenges.
Home prices rose to a new high of $435,300, up 2% from the previous year, driven by years of undersupply.
Sellers are choosing to delist homes rather than lower prices in response to a softer market, with a 47% increase in delistings in May compared to the previous year.
Affordability challenges persist due to mortgage rates above 6.6%, with an estimated additional half-million annual home sales if rates were to fall to 6%.
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