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US June existing home sales came in below expectations
June existing home sales fell to a 4.09 million annualized pace, down from 4.17 million in May, while the median price rose to $429,300.
US existing-home sales for June totaled a seasonally adjusted annual rate of 4.09 million, below expectations of 4.20 million, according to Forexlive. The prior month was 4.17 million.
The sales pace was down 2.4% month over month, while inventory increased, with unsold supply rising 3.3% to 1.55 million homes, equivalent to 4.6 months of supply.
Prices continued to move higher as the national median existing-home price reached $429,300, up 1.3% year over year and also described as a May record in the latest data. First-time buyers accounted for 35% of sales, and cash buyers remained at 25%.
Forexlive also tied the affordability picture to mortgage and income dynamics, noting that the average 30-year fixed mortgage rate was 6.44% in May, and that an NAR affordability index rose to 105.6 from 97.5 a year earlier, even as affordability remained the main constraint.