{"id":1548552,"date":"2025-07-23T14:05:00","date_gmt":"2025-07-23T18:05:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1548552"},"modified":"2025-07-23T14:05:00","modified_gmt":"2025-07-23T18:05:00","slug":"us-existing-home-sales-dip-back-near-15-year-low-in-june-as-prices-hit-record-high","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/us-existing-home-sales-dip-back-near-15-year-low-in-june-as-prices-hit-record-high\/1548552\/","title":{"rendered":"US Existing Home Sales Dip Back Near 15 Year Low In June As Prices Hit Record High"},"content":{"rendered":"

US Existing Home Sales Dip Back Near 15 Year Low In June As Prices Hit Record High<\/span><\/p>\n

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After a small bounce in May (off 15 year lows), expectations are for existing home sales to fall once again in June as mortgage rates ticked up.<\/p>\n

The analysts were right as sales dropped 2.7% MoM (vs -0.7% MoM expected), leaving existing home sales unchanged year-over-year…<\/p>\n

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Source: Bloomberg<\/p>\n

\u00a0<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/p>\n

The median sales price increased 2% in June from a year ago to a record high of $435,300…<\/strong><\/p>\n

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Home prices continue to rise even after a recent pickup in inventory.<\/p>\n

\u201cMultiple years of undersupply are driving the record high home price. Home construction continues to lag population growth,\u201d Lawrence Yun, NAR chief economist, said in a statement. <\/em><\/p>\n

\u201cHigh mortgage rates are causing home sales to remain stuck at cyclical lows.\u201d <\/em><\/strong><\/p>\n

Yun said on a call with reporters that it\u2019s typical to see high home prices this time of year because families want to move before the school year begins.<\/p>\n

Economists at Goldman Sachs said in a recent note that 87% of mortgage holders have rates below current rates, and two-thirds have borrowing costs 2 percentage points below current rates, \u201cstrongly disincentivizing them from moving.\u201d<\/strong><\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/p>\n

Yun said an NAR analysis showed that a 6% mortgage rate would lead to about a half million more homes sold and an additional 160,000 renters becoming first-time homeowners.<\/p>\n

\u201cHousing in our Country is lagging because Jerome \u2018Too Late\u2019 Powell refuses to lower Interest Rates,\u201d Trump said in a social media post Wednesday, referring to the Fed chair. <\/em><\/p>\n

\u201cFamilies are being hurt because Interest Rates are too high.\u201d<\/em><\/p>\n

<\/a><\/p>\n

In a sign that buyers are balking at high asking prices, 21% of the homes sold were above list price, down from 28% in May. <\/strong><\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nWed, 07\/23\/2025 – 10:05<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/personal-finance\/us-existing-home-sales-dip-back-near-15-year-low-june-prices-hit-record-high<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

US Existing Home Sales Dip Back Near 15 Year Low In June As Prices Hit Record High After a small bounce in May (off 15…<\/p>\n","protected":false},"author":0,"featured_media":1548553,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1548552","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1548552","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1548552"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1548552\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1548553"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1548552"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1548552"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1548552"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}