The housing market remained soft in June, a new report by the National Association of Realtors (NAR) shows. Sales of existing homes — previously occupied properties, rather than newly built homes — resumed their long downward slide, dropping 3.3%. The number of sales in June was off 18.9% compared to June 2022.
Home prices, meanwhile, were up from May’s median of $396,100 to reach NAR’s second-highest price of all time: $410,200. That’s less than 1% off from the all-time high of $413,800, recorded one year ago in June 2022. “Limited supply is still leading to multiple-offer situations, with one-third of homes getting sold above the list price in the latest month,” Yun said.
“The fate of the housing market in the coming months will be dictated in part by the direction of mortgage rates, as well as the health of the broader economy,” said Mark Hamrick, Bankrate’s senior economic analyst. “The market could benefit from a combination of tailwinds, if they were to develop and are sustained, including easing inflation.”
