June home sales disappoint as prices reach an all-time high
CNBC • • general
Key Points:
- Sales of previously owned homes in June fell 2.4% from May to 4.09 million units, missing analysts' expectations of a slight increase, though sales were 2.8% higher than June last year.
- High mortgage rates and record-high home prices are causing buyers to pull back, with affordability remaining a key concern amid a lean housing inventory of 1.56 million units, representing a 4.6-month supply.
- The median price of existing homes sold in June reached a record $440,600, up 1.8% from a year ago, driven by limited inventory and strong demand, especially in the higher-priced market segments.
- Sales growth is strongest in the luxury market, with homes priced above $750,000 seeing significant increases, while sales of lower-priced homes remain flat or decline.
- First-time buyers accounted for 33% of sales, up from 30% last year, and all-cash sales made up 25%, down from 29% a year ago, with regional sales declining everywhere except the Northeast.
