Overview

• New single-family home sales climbed 0.6% in June to a 627,000 annual pace but remain 6.6% below last year’s level.
• Unsold new-home supply expanded to 511,000 units, amounting to a 9.8-month backlog and the largest since October 2007.
• The median price of a newly built home declined 2.9% year-over-year to $401,800 as builders increasingly offer discounts.
• Existing home prices hit a record median of $435,300 in June even as resale activity slowed by 2.7% month-to-month.
• Mortgage rates averaging above 6.8% alongside an 11-month low in single-family starts and two-year low permits continue to curb affordability.