In June, existing home sales in the U.S. decreased by 2.7% despite median home prices hitting a record high of $435,300. The season typically marks a peak in housing activity, but economic uncertainty has left many buyers hesitant. Approximately 15% of deals fell through, a record for the month. This situation is exacerbated by high mortgage rates and a lack of available homes, leading to an affordability crisis that keeps buyers sidelined and sales stagnant across various regions, particularly in the Northeast.
Home sales dropped by 2.7% in June from the previous month as prices hit a record high of $435,300. About 15% of deals fell through.
The housing market remains frozen, with affordability being a primary concern. Buyers feel they cannot afford homes at current prices, perpetuating a disconnect.
Despite the peak season for home sales, regions like the Northeast experienced an 8% decrease in sales. An affordability crisis continues to limit buyer activity.
The last three years have seen sustained price growth, yet economic uncertainty and high mortgage rates restrict access to the housing market for many.
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