The median existing-home price was $410,200 last month, just 0.9% less than the all-time high from one year ago of $413,800. It marked the fifth month of year-over-year drops in median home sale prices.
Inventory of homes on the market remains historically low, as current homeowners are refusing to sell and hunkering down with their ultra-low mortgage rates that might be half or less of current rates.
“There are simply not enough homes for sale,” said Lawrence Yun, NAR chief economist. “The market can easily absorb a doubling of inventory.”
Sales of existing homes — which include single-family homes, townhomes, condominiums and co-ops — dropped below expectations and were down 3.3% from May to June. Annually, sales were down 18.9% from a year ago, and the seasonally adjusted annualized sales pace dropped from 5.13 million units a year ago to 4.16 million in June.
“Relatively high mortgage rates near 7% and historically low inventory of existing homes on the market is hindering sales activity,” said Yun.
June’s sales pace was the lowest since January and the lowest pace for the month of June (typically among the busiest months of the year) since 2009.
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Source: www.wptv.com
ENB
Sandstone Group
