Existing home sales fell 2.4 percent in June from the previous month, but the median existing home price hit an all-time high of $440,600, marking three consecutive years of monthly price increases, according to the National Association of Realtors.
- The 30-year fixed mortgage rate averaged 6.49 percent in June, down from 6.82 percent a year ago
- First-time buyers made up 33 percent of June sales, up from 30 percent the year before
- Inventory was down slightly from May and only up 1.3 percent from a year ago
- Homeowners have gained roughly $128,000 in housing wealth on average over the past six years
For buyers, rates are trending in the right direction and wage growth is helping close the affordability gap. For sellers, the fundamentals are still solidly in your favor.
Photo: Courtesy of NAR
