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U.S. June existing home sales saw a small bounce-back to a 5.86 million annualized pace from a downward revised 5.78 million pace for May after four straight months of decline.
Sales remain above the pre-pandemic trend but there is "some softening of demand" and inventories "may have turned a corner," NAR chief economist Lawrence Yun said Thursday.
The median home sales price notched another record high at USD363,300 as sales of million-dollar-plus homes continued to accelerate, but prices represent a lagging indicator and appreciation may soon slow as the red-hot housing market calms, Yun said.
Housing inventory at the end of June was 1.25 million units, up 3.3% from May and down 18.8% from a year ago. Unsold inventory represent 2.6 months supply, up from 2.5 last month.