June Home Sales Slip 2.7% as Affordability Bites
In June, U.S. existing-home sales dipped more than analysts anticipated, declining 2.7% from May to a seasonally adjusted annual rate of 3.93 million homes sold.
Economists had forecast only a slight pullback to 4 million. High mortgage rates—hovering in the high 6% range—and record home prices continue to dampen what is normally the market’s peak season.
The National Association of Realtors’ chief economist, Lawrence Yun, attributed the sales slump to “affordability challenges,” noting that even robust job growth hasn’t spurred buying.
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