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Existing home sales fell by 5.4% in June as asking prices reach a new high
Skyrocketing asking prices combined with rising mortgage rates led to a reduction in existing home sales in June, according to new data released by the National Association of Realtors this week. Prospective homebuyers, the organization said, can no longer enter the market at the prices sellers are demanding. Yet, despite this, asking prices continue to rise.
On an annual basis, home sales fell 14.2 percent in June. However, median home prices rose to $416,000, up from $408,000 in May.
Affordability is becoming a considerable problem in the housing market. Current homeowners can sell their properties for higher prices and buy new homes with the equity. However, first-time buyers are struggling to gain access to the market as prices continue to rocket ever higher.
Official figures show there were 1.26 million homes for sale across the U.S. in June, an increase of 2 percent from the previous year. Analysis reveals that at the current rate of sales, it will take three months to exhaust the nation’s current home inventory, up from 2.6 months this time last year.
The federal reserve approved a 75 basis points rise in interest rates during June and may increase rates by the same amount in July. 30-year fixed mortgages, the nation’s favorite mortgage products, rose to 6 percent in June, putting homeowners under financial strain.
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