The housing market in the United States experienced a further slowdown in June, with sales of previously owned homes dropping to their lowest level since December. The National Association of Realtors reported a 5.4% decline in existing home sales last month, reaching a seasonally adjusted annual rate of 3.89 million. This marks the fourth consecutive month of decreases and a 5.4% drop compared to June of the previous year.
Despite the decline in sales, home prices continued to rise, marking the 12th consecutive month of year-over-year increases. The national median sales price reached an all-time high of $426,900, up by 4.1% from the previous year. This price surge occurred even as the supply of homes on the market increased to its highest level since May 2020.
