Existing US home sales dropped 2.7% in June to 3.93 million units, the slowest pace since September 2022, due to high mortgage rates (around 7%) and record-high median sales prices ($435,300). This marks a lackluster spring selling season, despite a 16% year-over-year increase in available homes. While inventory remains below pre-pandemic levels, increased days on market (27 days) and price reductions (20.7%) suggest a cooling market. Economists predict a sales boost if mortgage rates fall to 6%.

Prepared by Christopher Adams and reviewed by editorial team.