June existing home sales fell short of forecasts while median prices reached $440,600, extending a 36-month streak of annual gains.
US existing home sales declined 2.4% in June to a seasonally adjusted annual rate of 4.09 million units, missing economists’ expectations of 4.21 million. The drop marks a continued slowdown amid elevated mortgage rates and affordability pressures.
Sales rose 2.8% year-over-year but remain well below the historic 5.2-million-unit pace. The median home price climbed 1.8% from a year earlier to a record $440,600, extending 36 consecutive months of annual increases.
Mortgage rates have trended higher since spring, though they remain below year-ago levels, contributing to sluggish transaction volumes.