Sales of previously occupied US homes slowed in June, but home prices continued to rise, adding to affordability challenges for prospective homebuyers. The US median sales price increased 1.8% in June from a year earlier to $440,600, an all-time high.

Slowing Sales

Existing home sales fell 2.4% last month from May to a seasonally adjusted annual rate of 4.09 million units, according to the National Association of Realtors. This is below the expected pace of 4.21 million units.

Home sales have been sluggish due to higher mortgage rates, which have trended upward since the US-Iran conflict began. Despite this, mortgage rates remain below where they were a year ago.

Affordability Concerns

Lawrence Yun, the National Association of Realtors’ chief economist, stated that affordability is a major challenge for people who want to become homeowners, emphasizing the need for more supply.

Original reporting: KTBS 3 (Shreveport) — read the source article.