June Existing Home Sales

Highlights:

Existing Home Sales dropped 1.7% from May to a seasonally adjusted annual rate of 5.27 million in June.

Low inventory levels are still a factor in the market. The current supply of homes for sale is at 4.4 months, which is less than the optimal 6-month supply.

Median home prices were up 4.3% from June 2018, hitting $285,700. This marked the 88th consecutive month with year-over-year price gains.