(Chicago, IL) — Home sales for the month of June are coming in lower than expected.
According to the National Association of Realtors, sales of previously owned homes in June dropped over two percent from May despite projections of a slight gain month over month. The median price of an existing home sold in June was 440-thousand-600 dollars, which marks an increase of nearly two percent from the year before and the highest on record.
High mortgage rates coupled with record-high prices are causing homebuyers to pull back. However, when looking on a regional level, home sales were down in June month over month everywhere except in the Northeast.
