Existing-Home Sales Dip 2.4% in June

(Illustration courtesy of the National Association of Realtors)

Existing-home sales decreased by 2.4% month-over-month, the National Association of Realtors reported Thursday.

Month-over-month sales increased in the Northeast, and declined in the Midwest, South and West. Year-over-year sales rose in the Midwest, South and West and were flat in the Northeast.

“The back-and-forth in monthly home sales activity, driven by mild fluctuations in mortgage rates, shows how sensitive home buyers are to affordability conditions,” NAR Chief Economist Lawrence Yun said. He added that job gains—”more than half a million since the beginning of the year”—should continue to support the housing market.

“The median home price has reached an all-time high,” Yun continued. “Even so, affordability is better than a year ago because wage growth is outpacing home price growth. However, progress on long-term housing affordability could be hampered if inventory growth continues to stall.”

The report said the median time properties spend on market dipped to 28 days from 29 days in May.