Nicole Friedman of The Wall Street Journal reports that home sales slowed again, ending a disappointing spring selling season as prices hit a record for the second straight month. Freidman writes:
Home prices hit a new high in June for the second straight month, the latest sign that the housing market is unaffordable to millions of Americans.
The spring home-buying season, usually the busiest time of year for the housing market, was a dud this year. Home sales declined in June for the fourth straight time on a monthly basis. The combination of high prices and elevated mortgage rates has made homeownership less attractive to renters and deterred current homeowners from moving.
But low inventory of homes for sale in much of the country is pushing prices higher. The national median existing-home price in June rose to $426,900, a record in data going back to 1999 and a 4.1% increase from a year earlier, the National Association of Realtors said Tuesday. Prices aren’t adjusted for inflation. […]
The typical home sold in June was on the market for 22 days, up from 18 days a year earlier, NAR said.
News Corp, owner of the Journal, also operates Realtor.com under license from NAR.
Read more here.
