AI Data Insight
US existing home sales in June fell to a seasonally adjusted annualized rate of 4.09 million units, down from 4.17 million units in the previous month and missing market expectations of 4.20 million units. Bucking the trend, the median home price broke through $440,000 to hit a record high, further exacerbating the burden on homebuyers. Constrained by the dual factors of persistently high mortgage rates and tight inventory, the housing market is unlikely to shake off its sluggish pattern in the short term.