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Existing Home Sales Add to a Miserable June for U.S. Housing Data

Published 21/07/2022, 12:22 am
© Reuters.

By Geoffrey Smith and Scott Kanowsky 

Investing.com -- The number of sales of existing homes fell sharply in June, adding to a miserable month for data from a slowing housing market. 

The National Association of Realtors said existing home sales slumped to 5.12 million last month from 5.41 million in May. That was the fifth straight monthly decline, well below a consensus forecast for 5.38 million, and the biggest drop in four months. It was also the lowest number of monthly transactions since June 2020. 

The NAR said that sales were down in year-on-year terms in all four of the regional markets that it tracks. 

The data come hard on the heels of figures from the Mortgage Bankers Association earlier Wednesday, which showed mortgage demand at its lowest in over 20 years as customers baulk at taking out loans at ever-higher interest rates. 

"Falling housing affordability continues to take a toll on potential home buyers," said NAR Chief Economist Lawrence Yun. "Both mortgage rates and home prices have risen too sharply in a short span of time."

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