Existing home sales slip in June due to a lack of supply, NAR says

The pace of existing home sales was softer than expected last month, but a leading business lobby group laid the blame at the feet of insufficient supply.

"There are simply not enough homes for sale," National Association of Realtors chief economist, Lawrence Yun, said.

"The market can easily absorb a doubling of inventory."

According to NAR, in seasonally adjusted terms existing home sales slipped at a month-on-month pace of 3.3% in June to reach an annual rate of 4.16m homes (consensus: 4.22m).

That left existing home sales 18.9% below their June 2022 level.

"The first half of the year was a downer with sales lower by 23%," Yun added.

"Fewer Americans were on the move despite the usual life-changing circumstances. Pent-up demand will surely be realized soon, especially if mortgage rates and inventory move favorably."

The median price of an existing home was $410,200, just 0.9% less than the all-time high of $413,800 seen one year before.

-- More to follow --