Stocks● Neutral
Existing-Home Sales Slip 2.4% in June; Median Price Hits Record $440,600
Existing-home sales fell 2.4% in June to a 4.09 million annual rate, though they remain 2.8% above last year. Median price rose to $440,600, a new record. NAR's Yun said buyers remain sensitive to mortgage rates.
Continue with
Existing-home sales fell 2.4% in June from May to a seasonally adjusted annual rate of 4.09 million, the National Association of Realtors said Tuesday. That left them 2.8% above the year-ago level. Mortgage rates moved modestly during the month, and buyers remained sensitive to affordability conditions, NAR Chief Economist Lawrence Yun said. He added that continued job growth should help support housing demand.
Housing inventory slipped to 1.56 million units, down 0.6% from May but 1.3% higher than a year ago. At the current sales pace, unsold inventory represented a 4.6-month supply, up slightly from May and unchanged from a year earlier.