US existing home sales slump in June; median price hits record high
WASHINGTON - U.S. existing home sales fell more than expected in June as the median house price set another record high, but improving supply and declining mortgage rates offered hope that activity could rebound in the months ahead.
Home resales are counted at the close of a contract. Sales in June likely reflected contracts signed in the prior two months, when the average rate on the popular 30-year fixed-rate mortgage was above 7.0%. Sales tumbled 5.9% in the densely populated South. They plunged 8.0% in the Midwest, which is considered the most affordable region. Sales fell 2.1% in the Northeast and decreased 2.6% in the West.Housing inventory increased 3.1% to 1.32 million units last month. Supply jumped 23.4% from one year ago.
Economists estimated that residential investment, which includes home building and sales, likely subtracted from gross domestic product in the second quarter, after adding more than half a percentage point in the January-March quarter. That share remains below the 40% that economists and realtors say is needed for a robust housing market.
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