US home sales slowest on tight inventory

WASHINGTON, July 20 (AFP): US sales of existing homes have fallen to the slowest rate since January, said industry data released Thursday, with the median sales price hitting the second-highest on record while inventory remains tight.
The housing market has taken a hit from elevated mortgage rates and limited supply, causing activity to slump.
In June, existing home sales slipped 3.3 per cent from May to a seasonally adjusted annual rate of 4.2 million, said the National Association of Realtors (NAR).
Compared with a year ago, sales fell 18.9 per cent while sales over the first half of 2023 were 23 per cent lower, the association added in a report.
"There are simply not enough homes for sale," said NAR chief economist Lawrence Yun in a statement. "The market can easily absorb a doubling of inventory."