"Persistent Supply Shortage Continues to Impact Existing Home Sales"

Existing home sales in the US fell 3.3% in June due to a worsening supply shortage, with limited options for buyers. The market is experiencing an 18.9% decline in sales compared to June 2022. The number of homes for sale remains low, with about 1.08 million homes available, unchanged from the previous month and down 13.6% from a year ago. Limited inventory has led to increased consumer demand, resulting in homes selling in just 18 days on average. The median price of existing homes sold in June was $410,200, the second-highest ever recorded. Affordability constraints and high mortgage rates are preventing existing homeowners from listing their homes, exacerbating the supply shortage.