PHOENIX — Existing U.S. home sales slipped 5.4% to an annualized 3.89 million — the lowest level since December 2023 — after falling 0.7% in May, according to the National Association of Realtors.
This is the fourth-straight drop amid high mortgage rates and low affordability, which have undermined home demand, said Jay Hawkins, senior economist for BMO Capital Markets.
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At the same time, the median sales price jumped to a record high of $426,900 nationwide, according to NAR. This is the second straight month it reached an all-time high, and the 12th consecutive month of year-over-year price gains.
"The weakness in the housing market outside of home prices is likely to continue until the Fed starts cutting interest rates in September," Hawkins said.
Read more of this story from the Business Journal.
