The National Association of Realtors is reporting that existing home sales were down 5.4% in June to a seasonally-adjusted annual rate of 5.12 million (down 14.2% year over year).  Total housing inventory at the end of June was 1,260,000 units, up 2.4% from one year ago.  Unsold inventory sits at a 3-month supply at the current sales rate with properties remaining on the market for around 14 days.  The median existing-home price for all housing types in June was $416k, up 13.4% from one year ago.  The NAR says this marks 124 consecutive months of year-over-year increases, still the longest-running streak on record.

“Falling housing affordability continues to take a toll on potential home buyers…Both mortgage rates and home prices have risen too sharply in a short span of time.”  Said NAR Chief Economist Lawrence Yun.

This article was republished from Real Estate Investing Today, a weekly flow of news from the National REIA.

Author Profile: Brad Beckett