After an ugly Spring selling season, existing home sales have rebounded in Q2 (so far) with expectations for another 1.0% MoM increase in June.
However, that was not to be with US existing home sales tumbling 2.4% MoM in June (although May was revised up to a +3.7% MoM gain from +3.2%). That slowed the annual improvement in sales to +2.75% YoY...
Overall, existing home sales SAAR remains just off record lows...
“The back-and-forth in monthly home sales activity, driven by mild fluctuations in mortgage rates, shows how sensitive home buyers are to affordability conditions,” NAR Chief Economist Lawrence Yun said in a statement. But recent job gains will continue to provide support to the housing market, he added.
NAR’s Housing Affordability Index, which measures whether typical families can qualify for a mortgage for a median-priced home, has improved somewhat from a year ago but is at its lowest since August 2025.
Inventories of new homes for sale remain high (and are thus pressuring homebuilders to choke back on additional supply)...
But, the inventory of existing homes for sale climbed 1.3% from a year earlier t
