Housing market: Sales hit 14-year low in June as inventory dries up

  • 📰 BusinessInsider
  • ⏱ Reading Time:
  • 31 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 51%

Business News News

US homes sales are the lowest in 14 years as inventory dries up across the country

Home sales dropped to a 14-year-low in June, thanks to the shortage in inventory plaguing the housing market.

. The supply of available homes stayed relatively flat in June at 1.08 million units – but that's still 14% lower than the available supply recorded a year ago. "There are simply not enough homes for sale," NAR chief economist Lawrence Yun said in a statement on Thursday."The market can easily absorb a doubling of inventory.", as demand still outpaces the supply of available homes even as buyers deal with affordability issues stemming from rising mortgage rates. Existing home prices rose to $410,200 in June, just 1% lower than the all-time-high of $413,800 in June of last year.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 729. in BUSİNESS

Business Business Latest News, Business Business Headlines