Even after falling, June’s median price hit the second-highest monthly median price on record going back to 1999, according to a National Association of Realtors report released Thursday. It marked the fifth month of year-over-year drops in median home sale prices. Annually, sales were down 18.9% from a year ago, and the seasonally adjusted annualized sales pace dropped from 5.13 million units a year ago to 4.16 million in June. “Relatively high mortgage rates near 7% and historically low inventory of existing homes on market is hindering sales activity,” said Yun. June’s sales pace was the lowest since January and the lowest pace for the month of June (typically among the busiest months of the year) since 2009.

Source: CNN July 20, 2023 21:59 UTC