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Existing home sales in June declined for the fourth month in a row, but median home prices rose to a record high for the second consecutive month.

Existing home sales declined 5.4% from the previous month and from a year ago to 3.89 million, the National Association of Realtors reported Tuesday.

“We're seeing a slow shift from a seller's market to a buyer's market,” said NAR Chief Economist Lawrence Yun.

“Homes are sitting on the market a bit longer, and sellers are receiving fewer offers. More buyers are insisting on home inspections and appraisals, and inventory is definitively rising on a national basis.”

Median sales price for all housing types increased 4.1% to a record high of $426,900, and total housing inventory at the end of June increased 23.4% from a year ago to 1.32 million.

23 Jul, 2024

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