US existing home sales slumped for the fourth straight month in June, plunging a worse than expected 5.4% MoM (the worst MoM drop since Nov 2022) and dragging sales down 5.4% YoY...

Notably, existing home sales have not risen on a YoY basis since July 2021, with the SAAR total back below 4mm, near COVID lockdown lows...

The only segment of the market that saw sales rise the $1 million-plus cohort - which saw sales rise 3.6% YoY...

Meanwhile, the median home price rose 4.1% from last year to $426,900...

That's a new record high median price for existing homes in the US... and once again above the median price for a new home...

...as median prices rose once again to a new record high.
{ai:summary}In June, existing home sales in the U.S. hit a tough patch, down 5.4% month-over-month, marking the worst slump since late 2022. Sales have been in decline, stuck below 4 million, with only the luxury market seeing a slight uptick in activity.Despite this, the median home price soared to a record $426,900, eclipsing new home prices and dashing hopes for a rate cut anytime soon. #economy

US Existing Home Sales Puked (Again) In July...

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