(AURN News) — The summer real estate season is falling flat for homebuyers chasing the American Dream. Despite typically being the busiest time of year for housing, high mortgage rates and record-breaking prices are weighing heavily on the market.
New figures from the National Association of Realtors show a 2.7% decline in total existing home sales for June. Although housing inventory ticked up nearly 16% from a year ago, it dipped 0.6% compared to May — a sign that available homes are still hard to come by.
The average sales price of an existing home in the U.S. has hit $435,300 — the highest ever recorded for the month of June and up 2% from the same time last year. It’s also the 24th month in a row that prices have risen.
Sales of single-family homes were down 3% in June, while the median price jumped to $441,500.
Regionally, prices vary widely. The average existing home price reached $337,600 in the Midwest, $543,300 in the Northeast, $374,500 in the South and $636,100 in the West.
With affordability strained and rate cuts still uncertain, potential buyers across the country are finding themselves priced out — again.
Click play to listen to the AURN News report from Jamie Jackson:
