Home sales: The spring fling that never materialized
Image: David Zalubowski/AP
The spring homebuying season usually heats up fast. This year? Lukewarm at best.
Existing home sales dragged in June, as buyers remained comfortable staying on the sidelines, according to new data from the National Association of Realtors.
- The national median existing-home price reached a record high $435,300 in June, a 2% increase from last year.
- US existing home sales fell ~3% in June from the prior month, the slowest pace since last September.
- Interest rates continued to stay above 6.5%.
Inventory’s up, but patience is too. Record home prices, combined with stubbornly high mortgage rates in recent months, are keeping many would-be homebuyers from pulling the trigger as home inventory continues to grow. Last month saw a 16% increase in homes for sale or under contract compared to one year earlier.
What’s next: The market could correct in one of two ways, according to mortgage professionals. If home sales keep slipping, prices may follow. But if interest rates ease, homebuyers could rush back in—pushing values higher. The market’s next move hinges on which of those happens first.
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