Title: Sales of Existing Homes in the US Show Signs of Slow Recovery
Subtitle: Low Inventory and Rising Mortgage Rates Pose Challenges for Buyers
Date: [Current Date]
In a sign of a slow recovery, sales of previously occupied homes in the United States experienced a smaller decline in June, falling at the slowest pace since January. However, a near-record number of homes on the market and rising mortgage rates continue to hinder prospective buyers.
According to the National Association of Realtors (NAR), existing home sales dropped 3.3% last month compared to May, reaching a seasonally adjusted annual rate of 4.16 million. Although slightly below economists’ expectations, this marks the slowest pace of sales since the beginning of the year.
Compared to June of the previous year, sales plummeted by 18.9%, contributing to a total decline of 23% during the first half of this year. The national median sales price also fell 0.9% from last year, reaching $410,200. However, despite this annual decline, fierce competition among buyers led to approximately one-third of homes selling above their list price.
Lawrence Yun, the chief economist at the NAR, suggests that these figures may indicate a consolidation in home prices, with any downward pressure on prices potentially coming to an end. This insight provides a glimmer of hope for potential buyers as they navigate the challenging housing market.
Nevertheless, persistently low inventory remains a significant obstacle for many home-seekers. At the end of June, there were only 1.08 million homes available for sale, a 13.6% decrease from the previous year.
While these figures indicate a gradual recovery, it is clear that more efforts are needed to meet the demand for housing. The housing market’s slow pace of improvement combined with rising mortgage rates highlights the ongoing challenges faced by buyers in the United States.
Sources:
– Sales of Existing Homes in the US Experience Slowest Pace since January – NAR
– Fierce Competition among Buyers Leads to Homes Selling above List Price
– Low Inventory and Rising Mortgage Rates Hinder Homebuyers’ Efforts
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