U.S. Existing Home Sales Decline in June Amid Rising Prices
The NAR report shows a 2.7% decline in U.S. existing-home sales in June, with a record high median price of $435,300 driven by low inventory and high mortgage rates, which are impacting first-time buyers. Sales decreased in most regions except the West, and the market faces challenges from undersupply and elevated mortgage rates, though a potential decline in rates could boost future sales.
