US home prices stay near record high, even as sales drop in June | CNN Business

The median existing home price was $410,200 last month, just 0.9% less than the all-time high from one year ago of $413,800. It marked the fifth month of year-over-year drops in median home sale prices. Inventory of homes on the market remains historically low, as current homeowners are refusing to sell and hunkering down with their ultra-low mortgage rates that might be half or less of current rates. “There are simply not enough homes for sale,” said Lawrence Yun, NAR chief economist.

But, Yun, points out that always happens, month to month, as a function of seasonal changes in the market. “Median home prices rise in the spring and summer because larger homes are sold during this time as families make moves,” said Yun. The primary reason prices are staying elevated is the historically low inventory. And even though there are fewer buyers in the market, those who are compete for the same handful of homes coming to market.

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Tesla profits climb despite price cuts | CNN BusinessTesla reported a much bigger than expected increase in profits, despite a series of price cuts that trimmed the amount of revenue per vehicle sold.
Source: cnni - 🏆 326. / 59 Read more »

Taco Bell and Taco John's drop their 'Taco Tuesday' fight | CNN BusinessTaco John’s, the regional chain that has “Taco Tuesday” trademarked, announced Tuesday that it’s ending its fight in defending the phrase and will “abandon” it because it doesn’t want to pay the legal fees that come with a fight against Taco Bell.
Source: CNN - 🏆 4. / 95 Read more »

Ford's electric F-150 Lightning just got much cheaper | CNN BusinessFord announced on Monday that it is slashing prices significantly for its electric F-150 Lightning pickup truck.
Source: cnni - 🏆 326. / 59 Read more »