Sales of previously occupied U.S. homes slowed for the fifth consecutive month in June as higher mortgage rates and rising prices kept many home hunters on the sidelines.
FILE - A"sold" is posted outside a single family home in a residential neighborhood, in Glenside, Pa., Wednesday, Aug. 4, 2021. Sales of previously occupied U.S. homes slowed for the fifth consecutive month in June 2022 as higher mortgage rates and rising prices kept many home hunters on the sidelines. The National Association of Realtors said Wednesday, July 20, that existing home sales fell 5.4% last month from May to a seasonally adjusted annual rate of 5.12 million.
After climbing to a 6.49 million annual rate in January, sales have fallen to the slowest pace since June 2020, near the start of the pandemic, when they were running at an annualized rate of 4.77 million homes. Excluding the pandemic, sales in June were running at the slowest pace since January 2019.Even as home sales slowed, home prices kept climbing in June. The national median home price jumped 13.4% in June from a year earlier to $416,000.
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