US existing home sales fall in June as prices hit new record

By Ovunc Kutlu

ISTANBUL (AA) - US existing home sales plummeted 5.4% in June as sales prices hit a new record-high level, according to the National Association of Realtors (NAR) on Tuesday.

Existing home sales, which measure the change in the number of existing residential buildings sold, decreased to a seasonally adjusted annual rate of 3.89 million in June.

The figure, meanwhile, came in lower than estimates of 3.99 million, while the May figure stood at 4.11 million for a monthly decline of 0.7%.

The median existing home sales price annually jumped 4.1% to reach $426,900 in June -- the second straight month it reached an all-time high and the twelfth consecutive month of year-on-year price gains, said the NAR.

"“We're seeing a slow shift from a seller's market to a buyer's market," NAR Chief Economist Lawrence Yun said in a statement. "Homes are sitting on the market a bit longer, and sellers are receiving fewer offers."

On an annual basis, existing home sales also decreased 5.4%, down from 3.89 million recorded in June 2023.

"More buyers are insisting on home inspections and appraisals, and inventory is definitively rising on a national basis," said Yun.