Housing market activity is weakest since the lockdowns of spring 2020 and January 2019 before that.
Sales of U.S. existing homes fell for a fifth straight month in June, declining 5.4% from May to a 5.12 million seasonally adjusted annual rate and below market expectations of 5.4 million, the weakest since the lockdowns of spring 2020 and January 2019 before that, the National Association of Realtors said Wednesday.
Inventory rose 9.6% from May and 2.4% from a year ago, but the national median home price rose to a fresh record $416,000 last month, up 13% from a year earlier. However, price appreciation is slowing, especially at the lowest and highest price points, NAR chief economist Lawrence Yun told reporters. Homes are on average entering into contracts in 14 days, down from 16 days in May and the lowest on record, despite a slowing in the housing market.
"People are trying to take advantage of their interest rate lock" as mortgage rates rise, Yun said.