(Washington, DC) — Sales of previously owned homes fell in June to its slowest pace since December.
According to the National Association of Realtors, sales dropped five-point-four percent compared with May. The group’s chief economist says the figures indicate “a slow shift from a seller’s market to a buyer’s market.” Rising inventory and high mortgage rates are key factors. The median price of a home sold in June was just under 427-thousand dollars.
In the Midwest, existing-home sales decreased 8% from one month ago to an annual rate of 920,000 in June, down 6.1% from the prior year. The median price in the Midwest was $327,100, up 5.5% from June 2023.
According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.77% as of July 18. That’s down from 6.89% one week ago and 6.78% one year ago.