Existing Home Sales Tumble Again In June As Prices Set A Record High

According to the National Association of Realtors, the downward trend in existing home sales persisted in June, marking the fifth consecutive month of decline. This concerning trend was observed in three out of the four major regions across the United States, while one region managed to maintain stable sales. Alarmingly, all four regions experienced a decline in year-over-year sales.

The total number of existing home sales, encompassing various types of properties such as single-family homes, townhomes, condominiums, and co-ops, recorded a 5.4% decrease in June compared to May, reaching a seasonally adjusted annual rate of 5.12 million. In a year-on-year comparison, sales plummeted by 14.2% from June 2021 when 5.97 million sales were reported.

NAR chief economist Lawrence Yun expressed his concerns, stating, “The persistent decline in housing affordability is significantly impacting potential home buyers. The rapid increase in both mortgage rates and home prices within a short period of time is proving to be a considerable challenge.”

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