U.S. Home Prices Hit Record in June for Second Consecutive Month

In June, home prices reached a record high of $426,900, marking a 4.1% increase from the previous year. This peak occurred amid a persistent housing slump characterized by reduced buyer activity.

Sales of previously occupied U.S. homes fell for the fourth consecutive month, declining 5.4% from May to an annualized rate of 3.89 million.

This drop in sales also represented a 5.4% decrease compared to June 2023 and was below economists’ expectations of 3.99 million annualized sales.

At the end of June, there were approximately 1.32 million unsold homes, up 3.1% from May and 23% higher than the previous year.

This resulted in a 4.1-month supply of homes, indicating a slight increase from a more balanced market where a 4- to 5-month supply is typical, CBS News has reported.

read more: https://www.cbsnews.com/news/us-home-sales-record-high-july-2024/

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