Existing Home Sales Drop Almost Three Percent in June as Prices Hit Record Highs

The Center Square (Brett Rowland), The Star News Network

Existing-home sales declined 2.7% in June as prices hit record highs. The total housing

inventory hit 1.53 million units, down 0.6% from May but up 15.9% from June 2024 (1.32 million). The U.S. has a 4.7-month supply of unsold inventory, up from 4.6 months in May and four months in June 2024. A six-month supply is generally considered a balanced market. The median sales price for existing homes stood at $435,300, up 2% from a year ago. This was a record high for June and the 24th consecutive month of year-over-year price increases.