Having slipped an upwardly revised 0.7 percent in May, the pace of existing-home sales across the U.S. dropped another 0.6 percent in June to a seasonally adjusted annual rate of 5.38 million sales which is 2.2 percent lower versus the same time last year.
At the same time, the inventory of existing homes on the market ticked up 4.3 percent to 1.95 million homes and is now running 0.5 percent higher on a year-over-year basis, the first year-over-year gain since 2015, while the median price of the homes that traded hands last month ticked up 4.6 percent to an all-time high of $276,900, which is 5.2 percent higher versus the same time last year.
And out West, the pace of existing-home sales dropped another 2.6 percent in June to an annual rate of 1.14 million sales, which is 5.0 percent below its mark at the same time last year, while the median sale price ticked up 5.5 percent to $417,400, which is 10.2 percent higher, year-over-year.