According to the National Association of Realtors, existing-home sales in the U.S. declined by 3.3% MoM to a seasonally adjusted annual rate of 4.16 million. Home sales slumped 189% YoY, and the annual rate has reached its lowest since January. The four major U.S. regions registered a YoY decline in sales. MoM sales increased in the Northeast, remained unchanged in the Midwest, and declined in the South and West. - Despite declining sales, the median existing-home sales price reached $410,200 in June, the second-highest price since Jan. 1999.
- The median sales price was 0.9% lower than the $413,800 recorded last year.
- Inventory of unsold existing homes remained steady at 1.08 million, equivalent to a 3.1 months' supply at the current pace of monthly sales.
- NAR's chief economist Lawrence Yun believes the pent-up demand will be realized soon if market conditions become favorable for buyers.
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