TAMPA, Fla. — Potential home buyers might be given a reprieve, as the latest numbers give hope that the seller's market may be closing.
The National Association of Realtors said existing home sales dropped 5.4% in June, the slowest pace since December 2023. Sales declined in all four major U.S. regions, including the South.
At the same time, the NAR said the median existing-home sales price jumped in June to $426,900. That marked the second straight month it reached an all-time high and the 12th consecutive month of year-over-year gains.
“Even as the median home price reached a new record high, further large accelerations are unlikely,” NAR Chief Economist Lawrence Yun said. “Supply and demand dynamics are nearing a balanced market condition. The months supply of inventory reached its highest level in more than four years.”
At the current pace of sales, unsold inventory is at a 4.1-month supply, the highest it has been since May 2020, when it was at a 4.5-month supply.
If prices have peaked and the Federal Reserve cuts interest rates, this could unlock the housing market in much of the nation.
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