Sales of previously occupied U.S. homes slowed for the fifth consecutive month in June as higher mortgage rates and rising prices kept many home hunters on the sidelines.
FILE - A home for sale is seen Tuesday, Dec. 8, 2020, in Orlando, Fla. Sales of previously occupied U.S. homes slowed for the fourth consecutive month in May as climbing mortgage rates and prices discouraged many would-be buyers. The National Association of Realtors said Tuesday, June 21, 2022, that existing home sales fell 3.4% last month from April to a seasonally adjusted annual rate of 5.41 million. Existing home sales fell 5.4% last month from May to a seasonally adjusted annual rate of 5.
Even as home sales slowed, home prices kept climbing in June. The national median home price jumped 13.4% in June from a year earlier to $416,000. That’s an all-time high according to data going back to 1999, NAR said. Despite the increase, home prices are not climbing as much as they were earlier this year.
“A combination of higher prices and higher mortgage rates clearly has shifted the dynamics in the housing market,” Yun said. "Home sales will only begin to stabilize once mortgage rates begin to stabilize.” Even with higher mortgage rates straining affordability, homes that sold didn’t stay on the market for long. On average, homes sold in just 14 days of hitting the market last month, the fastest sales pace tracked by the NAR. It was 16 days in May. Before the pandemic, homes typically sold more than 30 days after being listed for sale.
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