US Home Sales Decline Amid Record High Prices and Rising Mortgage Rates
TL;DR Summary
US existing home sales declined by 2.7% in June to a nine-month low, driven by high home prices and mortgage rates, with the median home price reaching a record high of $435,300. The market's slowdown is attributed to a persistent undersupply of homes and elevated mortgage rates around 6.8%, which are discouraging first-time buyers. Economists suggest that lower mortgage rates could significantly boost home sales and affordability.
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- NAR Existing-Home Sales Report Shows 2.7% Decrease in June National Association of REALTORS®
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