U.S. existing home sales rise, top forecasts in latest data

Sales of existing homes in the United States rose 0.8% on a seasonally adjusted annual rate to 4.10 million units in June, according to data released by the National Association of Realtors (NAR). The increase, while modest, surpassed the 4.07 million-unit forecast compiled by Reuters and marked the first month-over-month gain since February.

The median existing-home price climbed to $416,200, up 4.1% from a year earlier, reflecting persistent demand despite elevated mortgage rates. Inventory levels edged higher to 1.32 million units, equivalent to 3.7 months of supply at the current sales pace. Lawrence Yun, NAR chief economist, noted that the market is showing signs of stabilization, though affordability remains a constraint for many buyers.

Mortgage rates, which have hovered near 23-year highs, continued to weigh on transaction volumes. The average 30-year fixed-rate mortgage stood at 6.86% last week, according to Freddie Mac, up from 6.67% in May. Yun added that the market’s trajectory will depend on whether rates decline in the coming months, as well as the pace of inventory growth.