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Existing-Home Sales Decline

Sales of existing homes dipped to their slowest pace in 14 years in June, according to CNBC.

What’s going on: Pre-owned homes sales “dropped 3.3% in June compared with May, running at a seasonally adjusted annualized rate of 4.16 million units, according to the National Association of Realtors.”

  • The decline—which is due largely to a supply shortage—represents a decrease of nearly 19% since June of 2022.
  • “There were just 1.08 million homes for sale at the end of June, 13.6% less than June of 2022.”

Why it’s important: The low inventory of existing homes is keeping prices high at a time when mortgage rates are also elevated.

  • “The median price of an existing home sold in June was $410,200, the second highest price ever recorded by the Realtors.”
  • The lower end of the market is being hit hardest.

What’s ahead: Prices are likely to stay elevated “as mortgage rates weigh heavily on affordability.”

Newly built homes: New home builds are reaping the benefits. DR Horton, the largest homebuilder in the U.S., reported in its earnings release today that sales orders have increased 37%.

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