Overview

• Existing-home sales fell 2.7% in June to a seasonally adjusted annual rate of 3.93 million units, one of the weakest monthly readings in over a decade.
• Total inventory rose 15.9% year-on-year to 1.53 million homes, representing a 4.7-month supply at the current sales pace.
• The national median price increased 2% to a record $435,300, marking the 24th consecutive month of annual gains.
• The average 30-year fixed mortgage rate hovered around 6.8%, contributing to an extended market time of 27 days per listing.
• First-time buyers made up just 30% of transactions and all-cash purchases reached 29%, with economists projecting a rate drop to 6% could boost first-time homeownership by about 160,000.