U.S. Home Sales Down 2.4% in June... Home Prices Hit Record High
Existing Home Inventory Down 0.6% from Previous Month
Mortgage Rates Range Between 6.23% and 6.53%
Last month, U.S. home sales declined, falling short of forecasts.
The National Association of Realtors (NAR) announced on July 9 (local time) that the number of existing home sales in the United States in June stood at 4.09 million units (seasonally adjusted annual rate), a decrease of 2.4% from the previous month. This figure is lower than the expert forecast of 4.2 million units compiled by Dow Jones.
Housing supply remained tight. As of the end of June, the inventory of existing homes for sale was 1.56 million units, down 0.6% from the previous month. Based on the current sales pace, the inventory would last only 4.6 months.
Home prices have continued to rise year-over-year for 36 consecutive months. The median sales price for existing homes in June was $440,600, up 1.8% from a year earlier and the highest level since related statistics began in 1999.
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The 30-year U.S. mortgage rate ranged between 6.23% and 6.53% in April and May. Lawrence Yun, chief economist at the NAR, stated, "Even small changes in mortgage rates have a significant impact on home sales, as buyers' price burdens have increased." He added, "However, since more than 500,000 new jobs have been created this year, a robust job market will continue to support the housing market."
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