Existing-home sales dropped 5.4% in June, with median sales price at record high

From GlobeNewswire: 2024-07-23 10:00:00

Existing-home sales declined by 5.4% in June to a rate of 3.89 million, with a 5.4% decrease from the previous year. Median sales price hit an all-time high of $426,900 for the second consecutive month, showcasing a 4.1% increase from June 2023. Unsold inventory rose by 3.1% to 1.32 million homes, equivalent to a 4.1-month supply. All major U.S. regions reported sales declines, hinting at a shift from a seller’s to a buyer’s market. The 30-year fixed-rate mortgage averaged 6.77%, down from one year ago. First-time buyers accounted for 29% of sales, while all-cash sales represented 28% of transactions.



Read more at GlobeNewswire: Existing-Home Sales Slipped 5.4% in June; Median Sales