Home sales drop to slowest pace in 14 years

In June, sales of pre-owned homes declined by 3.3% compared to May, reaching a seasonally adjusted annualized rate of 4.16 million units, as reported by the National Association of Realtors.

Compared to the same month last year, sales were down by 18.9%, marking the slowest sales pace for June since 2009.

The main factor behind the ongoing weakness in the housing market is not due to a lack of demand but rather a critical shortage of supply.

By the end of June, there were only 1.08 million homes available for sale, which is 13.6% less than the inventory in June 2022, CNBC reported.

At the current rate of sales, this represents a 3.1-month supply, well below the balanced level of a six-month supply that benefits both buyers and sellers.

READ MORE: https://www.cnbc.com/2023/07/20/june-home-sales-drop-to-the-slowest-pace-in-14-years.html

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