Overview

• U.S. existing home sales fell 2.7% in June to a 3.93 million annual pace, missing economists’ forecast of 4.00 million units.
• The national median sales price rose 2% year-on-year to a record $435,300, marking the 24th straight month of annual gains.
• Inventory of unsold homes climbed 15.9% from a year ago to 1.53 million units, translating to a 4.7-month supply at current sales levels.
• First-time buyers comprised just 30% of June transactions, below the 40% threshold analysts say is needed for a robust market.
• The average rate on a 30-year fixed mortgage has hovered near 7%, a factor cited by NAR chief economist Lawrence Yun as keeping sales at cyclical lows.