Sales of existing homes fell 3.3% in June, slipping to their slowest pace in 14 years, amid a lack of available inventory, according to the National Association of Realtors (NAR). Sales were down 18.9% fro꧙m one year ago, ending the month at an adjusted annual rate of 4.16 mil﷽lion. 

High mortgage rates are discouraging would-be buyers from committing, as well as sellers who have lower rate loans and would have to pay more to get back into the market. That's resulted in low existing home inventory across the country. And the Federal Reserve recently 澳洲幸运5官方开奖结果体彩网:signaled that two m🧜ore rate hikes could happen before the end of the year. 

"The first half of the year was a downer for sure with sales lower by 23%," said NAR Chief Economist Lawrence Yun. "Fewer Americans were on the move despite the usual life-changing circumstances. The pent-up demand will surely be realized soon, especially if mortgage rates and inventory move favorably."

In June, total housing inventory sat at 1.08 million units, the same as it was in May but down 13.﷽6% from one year ago. The nation has about a 3.1-month supply of homes at the current sales pa⭕ce, up from 3 months in May and 2.9 months in June of last year, according to the NAR. 

"There are simply not enough homes for sale," Yun added. "The market can easily absorb a doubling of inventory."

In June, the median sales price for exis♌ting homes was the second highest on record since the NAR started tracking the data in 1999, endiꦯng the month at $410,200. It was 0.9% less than the all-time high recorded one year ago of $413,800 and the third time the median sales price eclipsed $400,000. 

One-third of homes sold fo🗹r above their list prices in June, according to Yun. 

"Home sales fell but home prices have held firm in most parts of the country," Yun said. "Limited supply is still leading to multiple-offer situations." 

All-cash sales accounted for 26% of transactions in June, up from 25% in May. In🔯dividual investors or second-home buyers accounted for 18% of sales, up from 15% in May. 

In the single-family market specifically, sales decreased 3.4% from May to a seasonally adjusted annual rate of 3.72 million and were down 18.8% from a year ago. The median sales price was $416,000 in June, down 1.2% year-over-year. 

Sales fall across most regions

The Northeast was the only U.S. region to see existing ho🐈me sales grow in June, jumping 2% from May. Sales were still down 21.5% year-over-year. The median price in the Northeast was up 4.9% year-over-year, ending June at $475,300. 

Existing home sales were unchanged month-to-month in the Midwest, but declined 19.🐲5% from one year ago. The median sales price was up 2.1% from June of last year, at $311,800. 

Sales fell 5.4% in the South from May, and were 16.2% lower year-over-year. The median price was $366,600, down 1.2% from the year before. They 𝔍declined 5.1% in the West month-over-month and were 22.7% lower than one year ago. The median sales price in the West was $606,500, a 3.4% drop from one year ago. 

In the West, existing-home sales declined 5.1% from the previous month to an annual rate of 750,000 in June, down 22.7% from one year ago. The median price in the West was $606,500, falling 3.4% from June 2022.