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Existing Home Sales Drop 2.7% In June

  • July 23rd

by UrbanTurf Staff

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Existing home sales fell in June.

Sales dropped 2.7% month-over-month in the U.S. last month, according to data released on Wednesday by the National Association of Realtors (NAR). High home prices and a low supply of homes are contributing to a lower pace of sales. But the biggest thing that might move the needle? Interest rates.

“High mortgage rates are causing home sales to remain stuck at cyclical lows," NAR's Lawrence Yun stated in a press release. "If the average mortgage rates were to decline to 6%, our scenario analysis suggests an additional 160,000 renters becoming first-time homeowners and elevated sales activity from existing homeowners.” 

See other articles related to: existing home sales

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/existing_home_sales_drop_27_in_june/23715.

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