Existing Home Sales pull back in June
|Summary
Elevated mortgage rates continue to weigh on the housing sector
High interest rates remain a significant constraint on home sales. Total existing home sales fell 2.7% in June, bringing the pace of resales to a 10-month low of 3.93 million-units. The persistently weak pace of sales has allowed supply to increase recently, which has led to a moderation in home price appreciation. That noted, for-sale inventory remains low enough to keep upward pressure on prices. During June, the existing median home price climbed to $435K, a record high. The increase is a reminder that, in addition to financing costs, elevated home prices are also a significant limitation for home buyers.
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