June US home sales slower than expected, prices hit fresh high [Video]

US existing home sales dropped more than expected in June, according to industry data released Tuesday, while the median price hit a new high.

The trends, underscoring affordability challenges for homebuyers, come even as mortgage rates cooled slightly. But a larger stock of inventory currently is seen as an encouraging sign that market conditions are improving.

Sales of previously-owned homes retreated 5.4 percent from May to a seasonally adjusted annual rate of 3.9 million in June, the National Association of Realtors (NAR) said.

The figure was slightly below the 4.0 million rate a Briefing.com consensus forecast of analysts anticipated, and the lowest reading since December 2023.

NAR chief economist Lawrence Yun likened recent market trends to “groundhog day,” with home sales stuck at a low level, prices hitting record highs and mortgage rates at elevated levels.

But he added: “We’re seeing a slow shift from a seller’s market to a …