US Existing Home Sales Decline in June as Affordability and Supply Remain Key Challenges
- brg_news_room
- 15 minutes ago
- 1 min read
USA: Existing home sales in the United States decline by 2.4% month-on-month in June to a seasonally adjusted annual rate of 4.09 million, although they remained 2.8% higher than a year earlier, according to the National Association of REALTORS®. Higher mortgage rates and elevated house prices continued to weigh on affordability, despite wage growth outpacing house price increases. Housing inventory declined slightly from May to 1.56 million units, raising concerns that limited supply could sustain upward pressure on prices. The median existing home price reached a record US$440,600, marking the 36th consecutive month of year-on-year price growth, while the average 30-year fixed mortgage rate increased to 6.49% in June.
Source: HBS Dealer