US June home sales fell 2.4% as median price hit record $440,600
Why it matters: high mortgage rates and thin supply are keeping affordability tight even as first-time buyers made up 33% of purchases.
Sales of previously owned US homes fell 2.4% in June from May to a seasonally adjusted annual rate of 4.09 million, missing economists’ expectations and underscoring the drag from high borrowing costs. At the same time, the median existing-home price rose 1.8% from a year earlier to a record $440,600, according to the National Association of Realtors. Inventory at the end of June stood at 1.56 million homes, equal to a 4.6-month supply, still below the six-month level viewed as a balanced market. Sales were strongest at the high end, with purchases above $1 million up 18% from a year earlier, while cheaper segments lagged.