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.
