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.
ELECTION DAY 2024
Former president Donald trump and Vice President Kamala Harris make their final push as Americans cast their vote.
