A report released by the National Association of Realtors on Wednesday showed existing home sales in the U.S. pulled back by more than expected in the month of June.
NAR said existing home sales slumped by 2.7 percent to an annual rate of 3.93 million in June after jumping by 1.0 percent to a revised rate of 4.04 million in May.
With the bigger than expected decrease, existing home sales fell to their lowest annual rate since hitting 3.90 million last September.
The decline by existing home sales partly reflected a steep drop in the Northeast, where existing home sales plunged by 8.0 percent.
Existing home sales in the Midwest and South also tumbled by 4.0 percent and 2.2 percent, respectively, while existing home sales in the West shot up by 1.4 percent.
The report also said the median existing home price increased to a record high $435,300 in June, up 2.0 percent compared to the same month a year ago.
NAR said housing inventory at the end of June totaled 1.53 million units, down 0.6 percent from 1.54 million units at the end of May but up 15.9 percent from 1.32 million units a year ago.
The unsold inventory represents 4.7 months of supply at the current sales pace, up from 4.6 months in May and 4.0 months in June 2024.