Sales of previously owned U.S. homes fell 1.8% in June
Sales of previously owned U.S. homes fell in June and prices jumped as strong demand overwhelmed a pinched supply of available homes.
Existing home sales fell 1.8% in June from the previous month to a seasonally adjusted annual rate of 5.52 million, the National Association of Realtors said Monday.
The median sales price in June hit a record high of $263,800, up 6.5% from a year earlier. Adjusted for inflation, prices remained about 9% below the 2006 peak.
Sales have essentially been flat since March, when home purchases reached the highest level since 2007. A number of indicators suggest demand is surging due to a strong economy and millennials entering the housing market in force for the first time.
But severe supply shortages are depressing sales.
Information from The Wall Street Journal
