Home Sales Continue to Decline Due to Low Inventory and Rising Rates

Existing home sales fell 3.3% in June to the slowest pace since January.
Limited inventory and higher mortgage rates are pricing many buyers out of the market.
The median existing home price reached $410,200 in June, down slightly but still near record highs.
Sales were down 18.9% from June 2021, marking 11 straight months of double-digit annual declines.
With inventory low and prices still elevated, conditions remain challenging for first-time and move-up buyers.