Sales of existing homes in June fell 5.4% year over year and month over month to a seasonally adjusted rate of 3.89 million. The median sales price jumped 4.1% year over year, hitting a new all-time high ($426,900) for the second month in a row. These two factors have caused unsold inventory to rise considerably, pushing months of supply to 4.1, the highest number since the early days of the COVID-19 pandemic in May 2020.
With mortgage rates still hovering around 7%, economists believe buyers are waiting out the next few months until the Federal Reserve cuts benchmark rates, which is expected in September. We're seeing a slow shift from a seller's market to a buyer's market, NAR chief economist Lawrence Yun said in a statement. Homes are sitting on the market a bit longer, and sellers are receiving fewer offers.
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