In June 2024, U.S. existing home sales dropped by 5.4% to 3.89 million units, marking the lowest level since December, with home resales also declining by 5.4% year-on-year.

The median sales price of existing homes in June 2024 hit a record high of $426,900, showing a 4.1% increase from the previous year, reflecting price gains across all four U.S. regions.

Housing inventory of unsold existing homes rose by 3.1% in June to 1.32 million units, a 23.4% surge from the previous year, equivalent to a 4.1-month supply at the current sales pace.

Chief Economist Lawrence Yun of the National Association of Realtors (NAR) observed a shift from a seller's market to a buyer's market, characterized by longer market times, fewer offers for sellers, and increasing national inventory.

There is a notable increase in the supply of lower-priced homes, leading to a surge in listings within the $200k to $350k price range.

The average rate on a 30-year fixed-rate mortgage fell to 6.77% in June 2024, matching the average rate from the same period in 2023.

Challenges persist in the housing market with entry-level homes scarce, inadequate new construction, and some homeowners prompted to sell due to surges in weather-related insurance premiums.

NAR's Lawrence Yun suggests that if housing inventory continues to rise, there may be an increase in home sales or a potential decrease in prices.

Buyer activity in June 2024 saw a decrease in first-time buyers, accounting for 29% of sales, while the average 30-year fixed-rate mortgage stood at 6.77%.