US home prices hit another new peak in June amid short supply, while existing home sales fell for the fifth straight month amid the ongoing rise in mortgage rates, according to industry data released Wednesday. Sales sank 5.4% compared to May, toppling to a 5.12 million annual rate, far below what economists were projecting, the National Association of Realtors (NAR) reported. That was the weakest sales pace since January 2019, excluding the start of the pandemic in 2020, NAR Chief Economist Lawrence Yun told reporters. After topping $400,000 for the first time ever, the median national home price continued to rise, hitting $416,000 last month, the data showed.
Published in The Express Tribune, July 21st, 2022.
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