BREAKING: US existing-home sales fell -2.7% MoM in June, to an annual rate of 3.93 million, the lowest in 9 months.
Existing-home sales are now near their lowest level in 15 years.
By comparison, the pre-pandemic average was ~37% higher.
This comes as high mortgage rates are keeping home sales stuck at cyclical lows.
Meanwhile, the median sales price rose +2% YoY last month, to a record of $435,300.
The housing market remains historically unaffordable.
