Existing home sales slip in June as prices hit record high
“Without consistent gains in inventory, home prices can accelerate. It is critical to introduce more supply to the market to widen the opportunity for homeownership.”
The picture is not uniform across price tiers. Sales of homes priced below $100,000 fell 1.7% from a year ago, while transactions in the $100,000–$250,000 range were barely changed.
At the upper end, homes priced between $750,000 and $1 million posted roughly 14% year-over-year sales growth, and properties above $1 million were up 18%.
The divergence reflects a market where wealthy and cash-flush buyers continue to transact with relative ease while entry-level and first-time purchasers bear the heaviest affordability burden. US housing affordability is improving but regional conditions vary considerably, and the gains are not evenly distributed.
First-time buyers edge higher as cash deals recede
Despite the challenging conditions, first-time buyers made up 33% of June sales, up from 30% a year ago. That’s a sign that some buyers at the entry level are pushing through, even if the 40% share economists typically associate with a healthy market remains a distant target.
