US Existing Home Sales Decline 5.4% in June to 3.89M, Slowest Since 2010

Jul 23, 2024, 02:01 PM

The United States experienced a significant decline in existing home sales in June 2024, with sales falling by 5.4% month-over-month to a seasonally adjusted annual rate of 3.89 million units. This decline was more pronounced than the forecasted drop of 3.04% and the previous month's decrease of 0.7%. The June sales figure is the lowest since December 2023 and represents one of the slowest paces since 2010. The median home price for existing homes reached a record high of $426,900, up 4.1% from the previous month. The slump in sales is attributed to sellers waiting for mortgage rates to fall further and buyers hesitating due to high prices.