Sales of previously occupied U.S. homes fell in June for the fourth straight month as elevated mortgage rates and record-high prices kept many would-be homebuyers on the sidelines. Sales of previously occupied U.S. homes fell 5.4% last month from May to a seasonally adjusted annual rate of 3.
FILE - A sign announcing the availability of a home is displayed in Rolling Meadows, Ill., June 10, 2024. On Tuesday, July 23, 2024, the National Association of Realtors reports on existing home sales for June. LOS ANGELES — The nation’s housing slump deepened in June as sales of previously occupied homes slowed to their slowest pace since December, hampered by elevated mortgage rates and record-high prices.
Existing home sales were also down 5.4% compared with June of last year. The latest sales came in below the 3.99 million annual pace economists were expecting, according to FactSet. Home prices rose even as sales slowed and the supply of properties on the market climbed to its highest level since May 2020.
While still below pre-pandemic levels, the recent increase in homes for sale suggests that, despite record-high home prices, the housing market may be tipping in favor of homebuyers.Homebuyers snapped up homes last month typically within just 22 days after the properties hit the market. And 29% of those properties sold for more than their original list price, which typically means sellers received offers from multiple home shoppers.
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