Existing Home Sales See Big Drop in June

July 22, 2019

The housing market continues to struggle, prolonging a slump that began last year. Sales of existing homes, which account for about 90 percent of the total housing market, fell 1.7 percent in June, much more than the 0.2 percent decline that economists had been expecting. Sales for the month were 2.2 percent lower from the same month last year.

Despite historically low unemployment and steadily decreasing mortgage rates, the housing market continues to be hindered by a shortage of available homes. This shortage has recently pushed prices to record highs, leaving many first-time and entry-level buyers priced out of the market.

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