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U.S. existing home sales slide again in June
STORY: Sales of previously owned homes in the U.S. fell for a fifth straight month, hitting the lowest level in two years, as home prices hit an all-time high in June and fast-rising interest rates make buying a home too expensive for a growing share of Americans. Existing home sales – account for nearly 90% of all home sales in the U.S.- dropped 5.4% in June, according to the National Association of Realtors. Sales have now fallen each month since January. The West, Midwest, and South all saw declines, but sales were unchanged in the Northeast.The median existing house price climbed to an all-time high of $416,000 in June, a more than 13% jump from a year earlier. Sales remained concentrated in the upper end of the market amid a scarcity of entry-level homes. The housing market, which is very sensitive to interest rates, has softened notably this year as the Federal Reserve lifts rates aggressively to blunt record-high inflationWhile it is unclear how much higher mortgage rates will climb, it’s almost certain they will remain high for some time with the Fed set to raise interest rates again at its policy meeting next week.
