Existing home sales fell in June for the fourth month in a row as median sales prices hit record levels, bad news for the
The median price of an existing home in June was $426,900, an all-time high and an increase of 4.1% from the year before. Additionally, homes typically remained on the market for 22 days in June, down from 24 days in May. “We’re seeing a slow shift from a seller’s market to a buyer’s market,” Yun added. “Homes are sitting on the market a bit longer, and sellers are receiving fewer offers. More buyers are insisting on home inspections and appraisals, and inventory is definitively rising on a national basis.”
The combination of the higher mortgage rates with the higher home prices has dampened demand for real estate.
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