Home sales slide as record prices deter would-be buyers
Existing home sales declined 2.4% in June, surprising analysts, data released Thursday by the National Association of Realtors shows. Housing inventory was relatively low, driving up prices, with the median price of an existing home selling for a record-breaking $440,600. The Northeast was the only region where home sales didn't decline. NAR's chief economist, Lawrence Yun, expressed optimism about the coming months, telling CNBC, "job gains—more than half a million since the beginning of the year—will continue to provide support for the housing market."
Existing home sales declined 2.4% in June, falling short of analysts’ expectations. The data, released Thursday by the National Association of Realtors, highlights ongoing challenges in the housing market.
Low housing inventory continues to put upward pressure on prices. The median price of an existing home reached a record high of $440,600 during the month.
The Northeast was the only region that did not see a decline in home sales. Other parts of the country experienced weaker demand amid high prices and limited supply.
NAR’s chief economist, Lawrence Yun, remains optimistic about the housing market’s future. He pointed to strong job gains as a key supporting factor.
More than half a million jobs have been added since the beginning of the year. Yun told CNBC that this employment growth should continue to bolster housing demand in the coming months.
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