US existing home sales fall 2.4% in June as median price hits record $440,600

In June, the National Association of Realtors (NAR) reported a 2.4% decline in existing home sales in the US, resulting in an annualized rate of 4.09 million units. The median home price reached an all-time high of $440,600, reflecting a 1.8% increase from the previous year. Compared to last June, sales were up by 2.8%. NAR's chief economist, Lawrence Yun, highlighted that job growth bolsters the market, although affordability remains vulnerable to mortgage rates, which averaged 6.49% in June. The housing inventory stood at 1.56 million units, down 0.6% from May but up 1.3% year-over-year. First-time buyers represented 33% of sales, while Yun cautioned that stagnant inventory growth could impact affordability.