Sales of previously owned U.S. homes fell 2.7% in June, missing analyst expectations of a 0.7% drop, according to CNBC. Sales were flat year over year as mortgage rates hovered above 6.8% during the contract period, hitting affordability. The median home price reached a record high of $435,300 in June, up 2% year-over-year, marking the 24th consecutive month of price gains. Inventory rose 15.9% to 1.53 million units, representing a 4.7-month supply, which is still below the six-month benchmark for market balance. First-time buyers accounted for just 30% of sales, while all-cash deals remained high at 29%. Homes spent an average of 27 days on the market in June, up from 22 days the previous year. Higher-end properties are selling more quickly than homes priced under $500,000.
